XPO Brushes Off Even More Bear Notes

Analysts are increasingly skeptical after last week's earnings report

Deputy Editor
Feb 13, 2023 at 10:57 AM
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XPO Inc (NYSE:XPO) stock is brushing off bear notes today, up 2.8% at $36.22 at last glance. Morgan Stanley downgraded the stock to "equal weight" from "overweight" this morning, while Oppenheimer cut its price target to $38 from $45. This pair of bear notes follows two on Friday as well, after Wells Fargo and Jefferies slashed their ratings after the company's earnings report. 

There is still room for more pessimism, too. Of the 24 analysts in coverage, 17 still carry a "buy" or better rating on XPO stock. Plus, the 12-month consensus price target of $47.64 is a 31.8% premium to current levels. 

On Feb. 9, XPO suffered a post-earnings bear gap of 14%, but is still up 9.3% year-to-date. Still, the shares' 80-day moving average have contained the pullback, the same trendline that stepped up as support in early January. 

Over in the options pits, puts have been much more popular than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 2.41 puts have been bought for every call in the last two weeks. This ratio ranks higher than 98% of readings from the past year, while XPO's 50-day put/call volume ratio ranks in the 99th percentile. 

 

 

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