Truist upgraded GXO Logistics (GXO) to Buy from Hold with a price target of $62, up from $48. The firm cites greater confidence in the company’s margin visibility, ramping of high-value contracts, integration of the Wincanton acquisition and upcoming leadership change for the upgrade. GXO’s mid-cycle earnings power is above the $1.0B consensus expectations at $1.1B-$1.2B, the analyst tells investors in a research note. Truist says the upgrade is not a call on the company’s upcoming Q2.
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