Why XPO Logistics Stock Dropped 3.3% Today
On a generally green day for stocks as a whole, with the S&P 500 rising about 1.5% at the market close, shares of XPO Logistics (NYSE: XPO) ended Thursday with a definite reddish tinge, down 3.3%. At one point today, XPO shares were down as much as 6%.
Image source: Getty Images.
Early Thursday, Oppenheimer reduced its price target for XPO, cutting the stock from $106 to $85 despite retaining an outperform rating. Oppenheimer explained its move by noting that XPO stock has performed better than other shipping stocks in recent months, mainly because management was known to be pursuing strategic alternatives for the company, which is generally viewed as Wall Street code for "We're going to sell the company at a premium."
Source Fool.com
