GXO Logistics Inc. (NASDAQ:GXO) shares are trading higher today following an upgrade from Morgan Stanley.
What Happened
On Monday, Morgan Stanley equity analyst Ravi Shanker upgraded GXO from Equal-Weight to Overweight and raised the price target from $45 to $60.
Shanker blieves the pipeline of new businesses could continue to drive growth. Additionally, Shanker says supply chain pressures have pushed more businesses to outsource supply chains and automate warehousing.
Shanker also believes valution is more reasonable following a year of underperformance, which could be offset by long-term targets at the company’s upcoming investor day.
GXO Logistics Inc. is a contract logistics company diversified across numerous verticals and customers, including many multinational corporations. It provides warehousing and distribution, order fulfillment, e-commerce, reverse logistics, and other supply chain services.
According to data from Benzinga Pro, GXO Logistics Inc. shares were up 6.23%, trading at $49.11 at the time of publication. It has a 52-week high of $49.69 and a 52-week low of $47.18
