Deutsche Bank analyst Amit Mehrotra says XPO Logistics reported good Q1 results relative to expectations. The company deployed $1.9B of capital towards share repurchase from mid-December through the end of April, at an average share price that is over 20% below current levels, Mehrotra tells investors in a post-earnings research note. He believes this "aggressive" capital allocation decision should generate "significant" equity value in the context of maintained full year guidance. After speaking to management, Mehrotra is more positive on the "most critical element of the outlook for shares," XPO's cash flow. However, he's a "bit disappointed" with the underlying operating performance at the company's LTL segment. The analyst keeps a Buy rating on XPO Logistics.