Less-than-truckload (LTL) activity at XPO Logistics (NYSE: XPO) experienced a “notable inflection” during the third quarter, according to geofencing data provided by Deutsche Bank (NYSE: DB).

In a Monday note to clients, the firm’s transportation equity research analyst, Amit Mehrotra, said “based on our geofencing data we believe XPO should be able to show a noticeable snap back in relative volume performance, which should allow shares to move higher.”

The firm’s data shows that activity levels around XPO terminals were 2% higher from mid-July to the end of the third quarter than they were during the first two weeks of the quarter. This was favorable to the rest of the LTL industry, which saw a 1% decline over the same period. Activity at Saia (NASDAQ: SAIA) was also off 1%, with Old Dominion Freight Line’s (NASDAQ: ODFL) traffic declining 4%.

“Said another way, our data set shows that XPO saw a notable positive inflection around mid-July, which was further built upon in September while SAIA and ODFL saw some moderation,” Mehrotra continued.

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