Nomura Securities Maintains a 'Neutral' on FedEx (FDX); Review of Q1 Results

Nomura Securities maintains a 'Neutral' on FedEx (NYSE: FDX) price target of $90.00.

Nomura analyst, Mark McVicar, said, "Q1 results were towards the lower end of management guidance. Ground was well ahead of our expectations and Freight retained its sequential profitability against YoY losses. The problem was the Express division, where EBIT was down 19% YoY, driven by negative volumes in the domestic business and International Priority. Management has given Q2 guidance, in line with that given for Q1, and revised down the year assuming a continuation of current GDP and fuel cost assumptions and weakening conditions. We have adjusted our 2012E EPS to $6.36 from $6.61 and 2013E to $7.28 from $7.48."

For more ratings news on FedEx click here and for the rating history of FedEx click here.

Shares of FedEx closed at $67.30 yesterday.

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