Raymond James Cuts XPO Logistics Price Target By ~22% - XPO (NYSE:XPO)

Raymond James analyst Patrick Tyler Brown lowered the price target for XPO Logistics Inc. XPO to $70 (an upside of 46%) from $90 while maintaining the Outperform rating on the shares.
The analyst states that the sharp decline in truck spot rates has continued to dominate headlines — as per data, it is estimated that current truck spot rates per mile have fallen all the way back to “peak” 2014 levels.
Brown believes that the truck spot market has been at the epicenter of a well-documented shift from goods to services spending — all while truckload operating costs have increased starkly.
The analyst states that following the sale of the intermodal business at the end of Q1, he is pleased to see progress towards the spin-off of the brokerage business.
Brown believes separating brokerage and LTL will simplify both stories, helping drive multiple expansions looking towards 2023.
Price Action: XPO shares are trading higher by 2.61% at $48.01 on the last check Friday.