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  "docId": "019dd923-622c-750b-8b98-8e10d74ec16a",
  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 56,
  "pageCount": 68,
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  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses the analyst consensus to argue that the market is being misled by sell-side optimism.",
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  "components": [
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      "bbox": null,
      "kind": "callout",
      "text": "Like any investment scheme, XPO needs to recruit more brokers to pump its stock to say “Buy”- but there aren’t many left!",
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      "text": "Price Target: $114",
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      "kind": "paragraph",
      "text": "Like any investment scheme, XPO needs to recruit more brokers to pump its stock to say “Buy”- but there aren’t many left! There are nearly as many analysts offering price targets on XPO as FedEx and UPS which are 5-7x larger companies. Only two analysts are cautious, while a resounding majority are bullish and want investors to give XPO a premium multiple.",
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      "kind": "source-note",
      "text": "1) Upside based on $60.33 share price. Source: Bloomberg",
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      "kind": "table",
      "text": "Analyst coverage table showing firm, recent action, recommendation, and price target.",
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      "kind": "title",
      "text": "90% Implied Upside Is A Fantasy Target",
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  "arcBeats": [
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      "beatId": "91ec6ec3-d723-458e-96c7-c38ab271aeb9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
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      "evidence": "The conclusion and appendix provide a summary of the findings and reiterate the investment risks",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "132e80fc-a8d1-4671-b489-8e8ac5c19347",
      "evidence": "The conclusion and valuation tables highlight the potential downside risks",
      "position": 2,
      "objective": "What are the potential consequences of not selling short or avoiding XPO stock?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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