Morgan Stanley is the latest firm downgrading the stock after earnings, following Wells Fargo and Jefferies.
It's time for investors to move to the sidelines on XPO , according to Morgan Stanley. Analyst Ravi Shanker downgraded shares to equal weight from overweight following what he considered a lackluster quarter for the less-than-truckload shipping company. LTL refers to the transportation of smaller freights that often don't require the use of an entire trailer.
While Shanker thinks XPO's valuation is still attractive against its peers, he cut his price target to $43 from $55. The new price target still implies shares can advance another 22% from Friday's closing price of $35.22. XPO shares rose more than 5% this year, after falling 27.6% in 2022. The analyst said the stock remains a "show me" story for the time being after it spun off RXO in November. RXO is the fourth-largest U.S. truckload broker.
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