Standpoint Research Downgrades FedEx (FDX) to Hold
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Price: $266.99 +1.37%
Rating Summary:
24 Buy, 16 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
24 Buy, 16 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Standpoint Research downgraded FedEx (NYSE: FDX) from Buy to Hold.
The firm comments, "We jumped on FDX 22-Sept when the shares were sold off from $72 to $66 on heavy volume in what was a classic example of a market over-reaction to bad news (that was actually already priced in on the drop from $77 to $72 leading up to that news). FDX shares have jumped 20% in the four weeks since our recommendation and are + 1010 bps versus the S&P for us; see line 6 in the table below. FDX shares are now fairly valued at 15X trailing twelve months earnings and 12X estimates for 2012. In our opinion FDX shares will (at best) track the market from this point forward and the risk reward is no longer attractive in the near term."
For more ratings news on FedEx click here and for the rating history of FedEx click here.
Shares of FedEx closed at $76.59 yesterday.
The firm comments, "We jumped on FDX 22-Sept when the shares were sold off from $72 to $66 on heavy volume in what was a classic example of a market over-reaction to bad news (that was actually already priced in on the drop from $77 to $72 leading up to that news). FDX shares have jumped 20% in the four weeks since our recommendation and are + 1010 bps versus the S&P for us; see line 6 in the table below. FDX shares are now fairly valued at 15X trailing twelve months earnings and 12X estimates for 2012. In our opinion FDX shares will (at best) track the market from this point forward and the risk reward is no longer attractive in the near term."
For more ratings news on FedEx click here and for the rating history of FedEx click here.
Shares of FedEx closed at $76.59 yesterday.
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