Goldman Lowers FedEx (FDX) Q4 EPS Estimate
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Price: $334.64 -1.39%
Rating Summary:
28 Buy, 16 Hold, 3 Sell
Rating Trend:
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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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Goldman Sachs today maintained a Buy rating on FedEx (NYSE: FDX) and modified its price target, lowering it to $114.00 (from $115.00). Analyst Tom Kim noted soft trends heading into the back half of 2013.
"Global airfreight flows have been mixed, with bellwether terminals such as HACTL pointing to softer-than-anticipated throughput," said Kim. "The industry along with FDX continues to adjust capacity commensurately with demand, which we expect to support pricing over the medium-term."
"The challenge for FDX is to adjust its cost structure to support the strong growth from international deferred. We would expect further rationalization of service frequencies on the East/West routes," added the analyst.
Goldman cut its 4QFY13 EPS estimate to $1.95 from $2.17 and reduced FY14-15 estimates by 1%-7%.
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 $99.58 yesterday.
"Global airfreight flows have been mixed, with bellwether terminals such as HACTL pointing to softer-than-anticipated throughput," said Kim. "The industry along with FDX continues to adjust capacity commensurately with demand, which we expect to support pricing over the medium-term."
"The challenge for FDX is to adjust its cost structure to support the strong growth from international deferred. We would expect further rationalization of service frequencies on the East/West routes," added the analyst.
Goldman cut its 4QFY13 EPS estimate to $1.95 from $2.17 and reduced FY14-15 estimates by 1%-7%.
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 $99.58 yesterday.
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