Citigroup and JP Morgan upgraded this key transportation firm, citing new additions to the management structure as cause for a future rally.
A key shipping company just received two upgrades on new management additions that could underpin a strong rally. Citi upgraded shares of XPO from neutral to buy on Thursday, while JPMorgan Chase went from neutral to overweight on Friday. Citi's new $50 price target represents about 22% upside for investors compared to the stock's Thursday closing price of $40.79. JP Morgan is slightly more bullish with a $52 per share price target that represents 27% upside.
XPO recently added new chief operating officer David Bates from Old Dominion, and he will assume the role on Friday. Former Old Dominion chief financial officer Wes Frye joined XPO's board of directors on March 9. "In addition, we think two senior executives joining from OD can lead to further hires to broaden out the operating/sales ranks," Citigroup stock analyst Christian Wetherbee wrote Thursday.
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