GXO Logistics' (GXO) is anticipating continued growth momentum in the coming quarters, which should improve valuation multiple, Oppenheimer said Thursday in a note.
"GXO's new business momentum has remained consistently strong as the company has leveraged its scale/multi-national scope/advanced automation capabilities to capitalize on secular supply chain outsourcing tailwinds," the firm said.
Oppenheimer also said that the company's existing customer transactional volume appears to be recovering amid "cyclical pressure."
Oppenheimer discussed the company's growth prospects with GXO's Chief Strategy Officer Kristine Kubacki at Oppenheimer's recent Midwest Industrial Summit. The firm projects adjusted EBITDA for GXO of $815 million for 2024, representing a 10% growth over last year; $898 million for 2025; and $1.01 billion for 2026.
Oppenheimer, which has an outperform rating on GXO and a $67 price target, also said a recent stock price pullback has created a buying opportunity.
Price: 49.36, Change: +0.03, Percent Change: +0.07
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