Analyst Says Buy FedEx (FDX) Weakness

March 20, 2013 8:57 AM EDT
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This morning FedEx (NYSE: FDX) reported results that missed estimates.
Commenting on the news, analyst Helane Becker of Cowen Securities said, "The lower-than-expected earnings results was due to weak international air freight, industry overcapacity, and customers choosing slower modes of transportation, which negatively impacting yields at the Express segment."

As expected, shares of FedEx are weak this morning, but Becker views this a buying opportunity.

"The air freight market continues to bounce along a bottom, and we do not anticipate results at the Express business will get worse as the company restructures the segment. We would be a buyer of FedEx on weakness today," he said.

Cowen has a Buy rating on FedEx with a price target of $117.00

For an analyst ratings summary and ratings history on FedEx (NYSE: FDX) click here. For more ratings news on FedEx click here.

Shares of FedEx closed at $106.46 yesterday.

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