Wells Fargo lowered the firm’s price target on GXO Logistics (GXO) to $44 from $60 and keeps an Overweight rating on the shares. Coming off its callback, the firm is lowering estimates. Wells notes Q4 results were mixed, and the outlook was soft. While EBITDA growth beyond Q1 is forecast, the Q1 customer churn outlines concentration risk. That said, valuation is quite supportive, adds the firm.
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