XPO Logistics has sold off the past two days as issues, "valid and substantiated or not," pile onto broader weakness in the group and concerns about an economic recession, Stifel analyst J. Bruce Chan tells investors in a research note. Skittish investors no longer view the company as an asset-light growth play and are starting to handicap it for its cyclical, asset-heavy leanings, says Chain. However, he believes that even if you value the entire company like a (non-union) less-than-truckload, it still looks attractive. In Chan's view, the recent selloff in XPO shares is "significantly overwrought." Freight fundamentals remain healthy and XPO has a lot of secular share growth opportunity via its e-commerce exposure, labor-saving technology, and its capacity access in a structurally tight environment, argues the analyst. He reiterates a Buy rating on XPO Logistics with an unchanged price target of $98.