Wells Fargo Cuts QXO Price Target to $16

Wells Fargo reiterated its Overweight rating on QXO, Inc. (NYSE: QXO) on October 13, 2026, while lowering its price target from $18.0 to $16.0. The adjustment reflects the current market conditions and the stock's performance relative to its peers.

Other Institutional Activity in QXO

Morgan Stanley holds 86,495,549 shares of QXO, valued at about $939.3 million, after increasing its position by 11,859,646 shares. Invesco Ltd. has 48,108,252 shares worth approximately $522.5 million, following a gain of 9,975,522 shares. Baillie Gifford & Co increased its holdings by 34,243,509 shares, bringing its total to 47,867,886 shares valued at about $519.8 million. Blackrock Inc. added 21,251,864 shares, totaling 46,536,649 shares worth around $505.4 million.

QXO, Inc. Stock Up 5.2%

As of October 16, 2026, QXO's stock was recently trading at $10.87, which is significantly below its new target price of $16.0. The shares are also trading about 60.6% lower than their 52-week high of $27.61. The stock's current price is 15.8% below its 50-day moving average of $12.91 and 39.7% below its 200-day moving average of $18.02.

Recent Earnings

For the trailing twelve months, QXO reported revenue of about $9.9 billion with a year-over-year growth rate of 70.3%. However, the company reported a negative net margin of -5.2% and a return on equity of -4.6%. The next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at QXO, Inc.

On November 6, 2024, MFN Partners LP, a beneficial owner of more than 10% of QXO's shares, sold 7 million shares at an average price of $15.05, totaling about $105.4 million.

Analysts Set New Price Targets

On July 13, 2026, Citigroup maintained a Buy rating with a price target of $25.0, down from $28.0. DA Davidson initiated coverage with a Buy rating and a target of $26.0 on August 25, 2026. RBC Capital maintained an Outperform rating with a target of $18.0 on October 7, 2026. Truist Securities also maintained a Buy rating, adjusting its target to $15.0 from $26.0 on October 8, 2026. The consensus among analysts is a strong buy with a mean price target of $26.0.

About QXO, Inc.

QXO, Inc. is a distributor of roofing, waterproofing, and complementary building products across the U.S. and Canada. The company provides various materials for residential construction, including roofing and siding options. This rating and target adjustment from Wells Fargo reflect the current market dynamics and the company's growth potential.

Bottom Line

Investors should keep an eye on QXO's upcoming earnings report on November 5, 2026, as it may provide insights into the company's performance. The recent analyst adjustments highlight the stock's potential in the current market environment.