Wells Fargo Cuts QXO Price Target to $15

Wells Fargo has reiterated its Overweight rating on QXO, Inc. (NYSE: QXO) on October 16, 2026, adjusting the price target to $15.00 from a previous $16.00. The stock closed at $10.85 on the same day, reflecting some recent volatility as it trades above its 52-week low of $10.17 but well below the high of $27.61.

Other Institutional Activity in QXO

Morgan Stanley increased its stake in QXO by 11,859,646 shares, bringing its total to about 86.5 million shares valued at approximately $940.6 million. Invesco Ltd. also added 9,975,522 shares, now holding about 48.1 million shares worth around $523.2 million. Meanwhile, BAILLIE GIFFORD & CO grew its position by 34,243,509 shares, ending with 47.9 million shares valued at about $520.6 million. Blackrock Inc. increased its holdings by 21,251,864 shares, totaling about 46.5 million shares worth roughly $506.1 million.

QXO, Inc. Stock Up 5.0%

QXO shares are trading at $10.85, which is lower than their 50-day moving average of $12.91 and significantly below the 200-day average of $18.02. The stock's performance suggests a challenging market position, especially contrasted with the average analyst price target of $26.00.

Recent Earnings

In its latest earnings report, QXO, Inc. reported revenue of $9.9 billion, with a revenue growth of 70.3% year-over-year. However, the company posted an EPS of -$0.83, indicating it is currently unprofitable. The next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at QXO, Inc.

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 on November 6, 2024, totaling $105.4 million. This transaction does not imply a negative outlook for the company.

Analysts Set New Price Targets

On October 16, 2026, Wells Fargo maintained its Overweight rating on QXO with a price target of $15.00, down from $16.00. Truist Securities also maintained its Buy rating with a target of $15.00, down from $26.00. RBC Capital maintained an Outperform rating with a target of $18.00, lowered from $27.00. The consensus target for QXO stands at $26.00, based on 19 analyst opinions, reflecting a strong buy recommendation.

About QXO, Inc.

QXO, Inc. is involved in distributing roofing, waterproofing, and other building products across the United States and Canada. Its offerings include various materials for residential construction, such as roofing shingles, siding, and insulation.

Bottom Line

Investors should watch for QXO's next earnings report on November 5, 2026. The 13F filings reflect past positions and may not show current ownership. The adjustments by Wells Fargo and other analysts suggest a cautious but still positive outlook for the company's future performance.