TD Cowen Upgrades RXO to Hold from Sell
Fintel reports that on October 6, 2026, TD Cowen upgraded their outlook for RXO (NYSE:RXO) (DB:N9Q) from Sell to Hold. This action follows a prior decision by TD Cowen on August 7, 2026, when the firm maintained its Sell rating on the stock.
The upgrade was part of a same-day cluster of 3 rating actions on October 6, 2026. Alongside TD Cowen's upgrade, Citigroup maintained its Neutral rating and Wells Fargo maintained its Equal-Weight rating on RXO. Prior to these actions, Susquehanna upgraded RXO from Negative to Neutral on September 23, 2026, and Wells Fargo maintained its Equal-Weight rating on September 9, 2026.
RXO, Inc., based in the United States, operates primarily in the transportation and logistics industry, focusing on delivering asset-light transportation solutions. The company, a spin-off from XPO Logistics, specializes in harnessing proprietary technology to offer truck brokerage and less-than-truckload shipping services. RXO efficiently manages a vast network that includes over 80,000 independent carriers, providing a flexible and scalable service model that addresses complex supply chain needs. Key initiatives have centered on expanding its digital platform, RXO Drive, designed to enhance connectivity and efficiency in freight management by streamlining operations and improving real-time tracking capabilities.
Ahead of the rating action, RXO's stock closed at $28.65 on October 5, 2026. This pre-action close reflects a one-week price change of +42.18% from a baseline close of $20.15 on September 28, 2026, and a one-month price change of +38.67% from a baseline close of $20.66 on September 4, 2026.
Distinct from TD Cowen's specific rating, the aggregate consensus target mean for RXO was $25.85 as of October 2, 2026, representing a consensus target revision of +2.14% from the prior mean of $25.31 on September 15, 2026. The current consensus target median is $24.99, representing an implied change of -9.77% from the recent price. For the recommendation period of September 1, 2026, the aggregate recommendations consisted of 4 strong buy, 6 buy, 12 hold, 3 sell, and 0 strong sell ratings. This compares to the prior period of August 1, 2026, which recorded 4 strong buy, 5 buy, 12 hold, 3 sell, and 0 strong sell ratings.
Looking at financial performance, RXO reported its latest earnings on August 6, 2026, with an actual EPS of 0.06 against an estimate of 0.0303, yielding an EPS surprise of +98.02%. Actual revenue reached $1,774,000,000.00, compared to the estimated $1,618,809,749.00. The company's next earnings report is scheduled for November 4, 2026.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| October 6, 2026 | TD Cowen | Sell | Hold | upgrade |
| October 6, 2026 | Citigroup | Neutral | Neutral | maintained |
| October 6, 2026 | Wells Fargo | Equal-Weight | Equal-Weight | maintained |
| September 23, 2026 | Susquehanna | Negative | Neutral | upgrade |
| September 9, 2026 | Wells Fargo | Equal-Weight | Equal-Weight | maintained |
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This story originally appeared on Fintel.