Evercore ISI upgraded XPO to “outperform” from “in line”
XPO Inc (NYSE:XPO) stock is on the rise today, after Evercore ISI upgraded the stock to “outperform” from “in line,” citing an “operational turnaround.” The firm also lifted its price target to $79 from $72.
The stock has been volatile since its Aug. 4, record high of $76.77, though the $67 level has acted as a floor since then. XPO’s 60-day moving average has also provided recent support. Thee equity has been outperforming since the beginning with the year with a 109.1% year-to-date gain.
It’s also worth noting that XPO stock’s 14-day relative strength index (RSI) of 28.2 sits in “oversold” territory, which is typically indicative of a short-term bounce. An unwinding of short interest could provide tailwinds as well, as it represents 5.8% of the stock’s available float, or over three days’ worth of pent-up buying power.