UPDATE: Credit Suisse Reiterates On XPO Logistics Following 3Q14 Adjusted EPS

In a report published Tuesday, Credit Suisse analyst Allison M. Landry reiterated an Outperform rating on

, but lowered the price target from $46.00 to $45.00. In the report, Credit Suisse noted, “We have increased our FY14 EPS estimate to -$1.17 from -$1.35. Our FY15, FY16, and FY17 EPS estimates of $0.11, $0.85, and $1.35, respectively, are unchanged. We note that our FY15-FY17 EBITDA estimates rose 0.5% on average. Our DCF-derived target price falls slightly, to $45 (from $46), primarily on account of a lower cash balance. XPO reported 3Q14 adj. EPS of -$0.13, vs. our est. of -$0.23 and the consensus of -$0.17. Gross revs were ~2% above our est., while adj. EBITDA of $24.2m beat our forecast of $20.7m and the consensus of $22.8m. The net revenue margin of 26.4% was 60 bps worse than our forecast, while the adj. EBITDA margin of 13.8% was 190 bps better.” XPO Logistics closed on Monday at $38.62.