These Analysts Slash Their Forecasts On FedEx After Q3 Earnings
FedEx Corp. (NYSE:FDX) posted weaker-than-expected earnings for its third-quarter results after Thursday’s closing bell.
FedEx reported quarterly earnings of $4.51 per share, which missed the analyst consensus estimate of $4.54. Quarterly revenue came in at $22.2 billion, which beat the analyst consensus estimate of $21.89 billion and is up from revenue of $21.7 billion from the same period last year.
"The FedEx team delivered improved profitability, while navigating a very challenging operating environment, including a compressed Peak season and severe weather events," said Raj Subramaniam, FedEx CEO.
FedEx said it is unable to forecast the fiscal 2025 mark-to-market retirement plans accounting adjustments and therefore, is unable to provide a fiscal 2025 earnings per share or effective tax rate outlook. The company also said it now sees fiscal 2025 revenue flat to slightly down year-over-year, compared to the prior forecast of approximately flat.
FedEx shares fell 11% to trade at $219.21 on Friday.
These analysts made changes to their price targets on FedEx following earnings announcement.
- B of A Securities analyst Ken Hoexter maintained FedEx with a Buy and lowered the price target from $295 to $272.
- Stifel analyst J. Bruce Chan maintained the stock with a Buy and lowered the price target from $364 to $354.
- Raymond James analyst Patrick Tyler Brown maintained the stock with an Outperform rating and lowered the price target from $320 to $290.
- Loop Capital analyst Rick Paterson downgraded FedEx from Hold to Sell and cut the price target from $283 to $221.
- BMO Capital analyst Fadi Chamoun maintained the stock with a Market Perform and lowered the price target from $330 to $275.
- Stephens & Co. analyst Daniel Imbro maintained FedEx with an Overweight rating and lowered the price target from $320 to $300.
- Wells Fargo analyst Christian Wetherbee maintained the stock with an Equal-Weight rating and lowered the price target from $275 to $260.
Considering buying FDX stock? Here’s what analysts think:
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