Deutsche Bank Lowers Estimates for Fedex (FDX)
Deutsche Bank reported on Tuesday that they have cut estimates for transportation company, FedEx Corporation(FDX).
The firm has reduced FDX’s estimates through 2013, although the impact of Hurricane Sandy on the company was offset by lower fuel costs. Analysts from the firm currently have a “Buy” rating on FDX with a price target of $115. This price target suggests a 21% increase from the stock’s current price of $90.
FedEx shares were mostly flat during Tuesday morning trading. The stock is up 7.8% YTD.
The Bottom Line
Shares of FedEx (FDX) have a .62% dividend yield, based on last night’s closing stock price of $90.53. 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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