XPO Logistics reported weaker than expected Q4 results and guided down both 2019 EBITDA and free cash flow meaningfully, Deutsche Bank analyst Amit Mehrotra tells investors in a research note titled "Not as bad as it looks (even though it looks really bad)." He thinks XPO's largest customer Amazon.com (AMZN) reduced its business by $600M, reflecting insourcing of postal injection business and entirety of brokerage. This would explain, entirely, the reduction in 2019 organic growth expectations, says Mehrotra. Importantly, it appears this shift happened in mid/late December with zero advanced notice, which is helpful in understanding December's 2019 guidance, he adds. The analyst keeps a Buy rating on XPO.