XPO down after BofA cuts price target

Shares of logistics firm XPO XPO.N down 4% at $108.77

Brokerage BofA Global Research cuts price target to $131 from $150

XPO's attempt to post accelerating yields in Q1 from Q4 suggests it is taking higher quality volumes (profitable small- to mid-sized business customers) — brokerage

Lowered Q1 and FY2025 EPS estimate for XPO, given a flatter outlook for Europe vs prior growth forecast, along with the minor rate and margin shift — BofA

BofA is bullish given improving margins, returns and cash flow into a freight rebound

XPO announced a $750 million share buyback authorization on Thursday

23 of 26 brokerages rate the stock "buy" or higher, two "hold" and one "sell"; their median PT is $158, according to data compiled by LSEG

XPO has fallen 13% YTD, as of last close