Midday Key Developments on March 5

October 7 - Citigroup has upgraded logistics company XPO (XPO.N) from “Neutral” to “Buy,” and raised its target price to $224, indicating an upside potential of about 22% from the previous trading day’s closing price. The brokerage stated that the upgrade was made after the stock declined from the $230 range to its current level of $183 per share. It also added that the recent broad pullback in the transportation sector has created a "more favorable risk-reward setup" for the third-quarter earnings season. Citigroup noted, "Notably, XPO has been particularly optimistic about its Q3 earnings, expecting an opportunity to gain market share and maintain pricing power." Among 26 brokerages, 19 rate the stock "Buy" or above, 6 rate it "Hold," and 1 rates it "Sell"; the median target price is $238 according to data compiled by the London Stock Exchange Group (LSEG). As of yesterday’s close, the stock had risen 35% year-to-date.