Benzinga | Sep 16, 2021 02:32PM EDT

JPMorgan Lowers XPO Logistics Price Target Sharply

* JPMorgan analyst Brian Ossenbeck lowered XPO Logistics Inc (NYSE:XPO) price target to $113 from $171 and maintained an Overweight rating on the shares following the spinoff of GXO Logistics Inc (NYSE:GXO).

* Ossenbeck sees potential upside if XPO management "continues right-sizing corporate overhead."

* Related Content: GXO Logistics, A Spinoff Of XPO Logistics, Begins Trading

* Meanwhile, Ossenbeck initiated coverage of GXO Logistics with an Overweight rating and a price target of $107.

* Price Action: XPO shares are trading higher by 0.98% at $84.23 on the last check Thursday.