Deutsche Bank Lowers Price Target on Fedex (FDX)
Deutsche Bank reported on Monday that it has reduced its price target on shipping company, FedEx Corporation (FDX).
The firm has maintained a “Buy” rating on FDX, and has lowered its price target on the company from $134 to $129. This price target suggests a 29% upside from the stock’s current price of $91.39.
Analyst Justin Yagerman commented, “we spent two days on the road with FDX IR last week and felt the full brunt of blowback from the company’s FQ3 whiff and lackluster guidance. FDX has been a stop-and-go story for the better part of this ‘recovery’ and investors were clearly disenchanted with the pace, execution, and substance of the company’s progress to-date. The ever-upcoming $1.7 billion in profit improvements promised and risk around the USPS contract were the two biggest topics. We remain buyers, especially on recent weakness as we see material earnings growth in FY14/15. BUY.”
FedEx shares were down -$1.00, or -1.08% during Monday morning trading. The stock has been mostly flat in the past year.
The Bottom Line
Shares of FedEx Corporation (FDX) have a 0.61% yield, based on Monday morning’s price of $91.36.
FedEx Corporation (FDX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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