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Fly News Breaks for September 10, 2015
CNW, XPO
Sep 10, 2015 | 09:06 EDT
Stephens analyst Jack Atkins said XPO Logistics' (XPO) $3B acquisition of Con-way (CNW) is a "major departure" from its M&A strategy, which has been largely focused on non-asset or asset-lite businesses until now, and that he is "curious" to see how investors receive the deal. Atkins said he is "quite concerned" about potential hurdles as XPO integrates Con-way and Norbert Dentressangle, the company's other large acquisition of 2015. The analyst lowered his price target on XPO to $40 from $53 and maintains an Equal Weight rating on the shares.
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