Citigroup Maintains “Buy” Rating for FedEx; Lowers Future Earnings Estimates
On Monday analysts at Citigroup reiterated the “Buy” rating for parcel courier giant FedEx Corporation (FDX), but lowered its price target and future estimates.
The new valuation for FedEx at Citigroup is $103, a +15% increase from Friday’s closing price of $89.53.
Citigroup’s new outlook on FedEx is due to their expected headwinds in the express delivery market.
FedEx shares were flat in premarket trading on Monday. The stock is up +7.21% year-to-date.
The Bottom Line
Shares of FedEx (FDX) have a .63% dividend yield, based on Friday’s closing stock price of $89.53. The stock has technical support in the $84-$85 price area. If the shares can firm up, we see overhead resistance around the $93-$95 price levels.
FedEx Corporation (FDX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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