XPO price target raised to $105 from $95 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker raised the firm’s price target on XPO (XPO) to $105 from $95 and keeps an Underweight rating on the shares. XPO’s Q1 was a modest beat but like most less-than-truckload peers, the Q2 guide pointed to upside versus extant numbers, the analyst tells investors in a research note. The firm added that the upcycle will lift XPO’s numbers but even with the guidance up, the current valuation is very hard to justify.