Morgan Stanley analyst Ravi Shanker noted that XPO Logistics attributed its Q4 miss and FY19 guidance cut to macro pressures in Europe and substantial downsizing at its largest, unidentified customer. Given that he had believed XPO's customers were relatively sticky, the biggest takeaway was the pace at which XPO's biggest customer pulled its business and insourced its logistics, Shanker tells investors. Additionally, this guidance cut, the company's third since October, could raise questions about visibility into the business, said Shanker. The analyst, who said valuation remains supportive for the stock, put his model under review but keeps an Overweight rating on XPO shares.