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Fly News Breaks for December 13, 2018
XPO
Dec 13, 2018 | 07:50 EDT
Jefferies analyst David Kerstens lowered his price target for XPO Logistics to $120 saying the company's early fiscal 2019 guidance came in below expectations. The fiscal 2019 EBITDA growth guidance was lowered from high-teens to low-teens on the back of increased macro uncertainty in France and the U.K., while FY19 free cash flow is expected to remain relatively stable due to tax and capex headwinds, Kerstens tells investors in a research note. The analyst cut his earnings estimates for XPO by 12% but keeps a Buy rating on the shares. He believes an "imminent" acquisition is a likely positive next catalyst, while share buybacks are "becoming an attractive alternative."
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