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Fly News Breaks for December 13, 2018
ECHO, XPO
Dec 13, 2018 | 12:05 EDT
The qualitative aspects of today's short report on XPO Logistics (XPO) are not new, with investor concerns around roll-ups being there for several years, Deutsche Bank analyst Amit Mehrotra tells investors in an intraday research note. Further, he points out that Spruce Point's calculated free cash fails to add proceeds from asset sales, which contributed $79M and $69M to XPO's free cash flow in 2017 and 2016, respectively. Further, the same research firm forecasted even greater downside in shares of Echo Global Logistics (ECHO) over a year ago, and the stock currently trades at over four times the levels predicted, says Mehrotra. He keeps a Buy rating on XPO Logistics with a $108 price target. The stock in midday trading is down 19%, or $11.55, to $48.73.
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