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August 25, 2023
It’s been a good week for GXO Logistics as two separate analyses — one on the debt side, the other on its equity — gave high marks to the third-party logistics provider.
Most companies would concede that their standing with the debt rating agencies is more important than what an equity analyst would say. For GXO, the good news is that Moody’s Investors Service (NYSE: MCO) kept its corporate rating intact but raised its outlook for the company to “positive” from “stable.” The corporate rating of Ba1 remains one notch below investment grade. If the positive outlook eventually turns into an upgrade, GXO would be an investment-grade credit.
On the equity side, the research team at UBS led by Thomas Wadewitz initiated coverage on GXO (NYSE: GXO) with a “buy” rating and a target price of $74. The stock closed Thursday at $60.52 and is up almost 30% in the last year.
Read the full article here: https://www.freightwaves.com/news/2-separate-looks-at-gxo-2-positive-analyses?utm_medium=email&utm_content=omMCqFUwpY97gDoAU5rQfCQh3xEQgk_WHF2ebGeerZzbcCkYJ5cwqY_GZSrI-yrO