Jefferies Cuts Price Target & Estimates on FedEx (FDX), Sees Any Bad News Already Priced In
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Price: $266.07 --0%
Rating Summary:
24 Buy, 16 Hold, 1 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 2
Rating Summary:
24 Buy, 16 Hold, 1 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 2
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Jefferies is reaffirming its Buy rating on shares of FedEx (NYSE: FDX) while lowering its price target from $112 to $110.
The company is scheduled to release its first quarter earnings on September 22. The firm is lowering its Q1 EPS estimate from $1.53 to $1.49, which is inline with the consensus, due to weakness in Asia and North American airfreight.
Jefferies notes that its revisions are based off of UPS's (NYSE: UPS) analyst conference where they highlighted slowing demand.
The firm believes that FDX will guide toward the low end of its current $6.35-$6.85 2012 guidance and feels that this is already priced into the stock.
An analyst at Jefferies comments, "While the skeptic would likely argue that FDX deserves a 12x market-type multiple given the macro taint, we remain more constructive and continue to believe that the company can grow earnings by low double digits even into a muted macro growth scenario."
The firm reiterated its 2013 EPS estimate of $7.34 stating that it still feels comfortable with it.
For more ratings news on FedEx click here and for the rating history of FedEx click here.
Shares of FedEx closed at $77.08 yesterday.
The company is scheduled to release its first quarter earnings on September 22. The firm is lowering its Q1 EPS estimate from $1.53 to $1.49, which is inline with the consensus, due to weakness in Asia and North American airfreight.
Jefferies notes that its revisions are based off of UPS's (NYSE: UPS) analyst conference where they highlighted slowing demand.
The firm believes that FDX will guide toward the low end of its current $6.35-$6.85 2012 guidance and feels that this is already priced into the stock.
An analyst at Jefferies comments, "While the skeptic would likely argue that FDX deserves a 12x market-type multiple given the macro taint, we remain more constructive and continue to believe that the company can grow earnings by low double digits even into a muted macro growth scenario."
The firm reiterated its 2013 EPS estimate of $7.34 stating that it still feels comfortable with it.
For more ratings news on FedEx click here and for the rating history of FedEx click here.
Shares of FedEx closed at $77.08 yesterday.
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