FedEx (FDX) shares were down over 9% in recent Friday trading after Loop Capital downgraded its stock and a slew of analysts' price target cuts as the goods transport company overnight lowered its fiscal 2025 adjusted earnings and revenue outlook.
Loop downgraded FedEx to sell from hold and lowered its price target to $221 from $283, while JPMorgan cut the price target to $280 from $323, and Goldman Sachs trimmed it to $314 from $315.
The company's price target was also lowered by Raymond James to $290 from $320, while BofA Securities cut it to $272 from $295, Wells Fargo reduced it to $260 from $275, and Citigroup cut it to $305 from $317.
FedEx said late Thursday it now expects fiscal 2025 adjusted EPS between $18 and $18.60, down from its previous outlook of $19 to $20 and flat to slightly lower revenue for the fiscal year, versus its prior forecast of approximately flat revenue.
The firm lowered its fiscal 2025 guidance as it anticipated that the industrial economy and its business to business volumes would increase, UBS said in a Friday note to clients.
Throughout fiscal Q3, volumes remained "softer" due to slower industrial growth and thus freight margins lagged 20 basis points, analysts led by Thomas Wadewitz wrote, adding that increased salaries, employee benefits expense, and higher fuel expenditures affected the cost side.
UBS lowered FedEx's price target to $331 from $350 and maintained a buy rating.
Price: 223.84, Change: -22.37, Percent Change: -9.09
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