BofA/Merrill analyst Ariel Rosa downgraded XPO Logistics to Neutral from Buy but raised her price target to $87 from $76. The analyst is boosting her target enterprise value to expected FY20 EBITDA multiple to 8.0-times from 7.5-times and notes that the stock has broadly outperformed S&P500 year-to-date, but believes that the downgrade is warranted on valuation as the new price target is less than 10% away from its current share price. Rosa adds that she is concerned the economic headwinds may negatively impact the company's volume and earnings growth.