Jefferies Maintains a 'Hold' on FedEx (FDX); Cutting Numbers on Lowered Guidance
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Price: $334.64 -1.39%
Rating Summary:
28 Buy, 16 Hold, 3 Sell
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
28 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Jefferies maintains a 'Hold' on FedEx (NYSE: FDX) price target of $98.00 (from $103.00).
Analyst, Peter Nesvold, said, "Last night, FDX guided down F1Q:13 by $0.16 (or 10%) at the midpoint of the new guidance range below consensus on softer than expected revenue growth at FedEx Express due to the weakness in the global economy. There was little additional detail in the release. Our sense is that a continuation of service trade down has impacted Express volumes and yield mix."
Lowered next quarter from $1.55 to $1.41 and FY from $7.19 to $7.05.
For an analyst ratings summary and ratings history on FedEx click here. For more ratings news on FedEx click here.
Shares of FedEx closed at $87.54 yesterday.
Analyst, Peter Nesvold, said, "Last night, FDX guided down F1Q:13 by $0.16 (or 10%) at the midpoint of the new guidance range below consensus on softer than expected revenue growth at FedEx Express due to the weakness in the global economy. There was little additional detail in the release. Our sense is that a continuation of service trade down has impacted Express volumes and yield mix."
Lowered next quarter from $1.55 to $1.41 and FY from $7.19 to $7.05.
For an analyst ratings summary and ratings history on FedEx click here. For more ratings news on FedEx click here.
Shares of FedEx closed at $87.54 yesterday.
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