Jefferies Cuts Numbers on FedEx (FDX) After Third Quarter Struggles

March 21, 2013 9:17 AM EDT
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Price: $226.64 -1%

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    25 Buy, 15 Hold, 0 Sell

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Jefferies cut its price target on FedEx (NYSE: FDX) from $103 to $100 and maintained a Hold rating following Thursday's third quarter miss that reflected excess air capacity and the continuing (and accelerating) impact of a trade down in service from customers.

"While FDX has been highlighting this secular issue for nearly a year now, the headwinds appear to be strengthening faster than FDX has been taking costs out," the analyst said. "This seems likely to remain an overhang near term."

The firm cut Q1 EPS from $2.13 to $2.01, FY13 EPS from $6.39 to $6.08 and FY14 EPS from $7.71 to $7.49.

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 $99.13 yesterday.

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