FedEx Stock Sinks as Analysts Cut Price Targets After Shipper Slashed Its Outlook | Global News Avenue

FedEx (FDX) Share Friday sunk After the company, several analysts lowered their price targets for their transport giant stocks Its outlook for the third consecutive quarter.

FedEx shares fell 9% in Friday’s intraday trading, losing a fifth of its value since the beginning of the year.

After FedEx’s report, UBS and Bank of America analysts lowered their price targets to $331 and $272, respectively, citing greater than expected impacts on inflationary pressures and economic uncertainty. However, both reiterate the “buy” rating, with its target indicating a lot of room for upside from Friday’s levels.

Deutsche Bank analysts are slightly bullish, maintaining their “buy” rating and target of $337. They said after the previous negative surprises in FedEx’s report: “We found that relatively clean, solid results were a relief.”

“We know that guides that have been lowered from highly macroeconomic-sensitive names will not be appreciated in today’s markets where investors are still left on pins and pins,” analysts said. Seasonal and macroeconomic headwinds.