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.
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... More
FedEx Corp. (NYSE: FDX) has approved a buyback plan of up to 10 million shares.
These shares augment the remaining 188 thousand shares authorized for purchase under existing share repurchase programs. It is expected that the additional share authorization will primarily be utilized to offset... More