1254 ET - FedEx's F3Q report was broadly in line with analyst forecasts, but the package-shipping company cut its outlook for the year, citing a soft industrial economy that is hurting demand for business-to-business shipments. "However, we note FDX is seeing stability in their volumes and the change in guidance is because they previously had assumed a ramp up in the industrial economy and their B2B volumes," UBS analysts say in a research note. Looking forward, the company's improving cost structure and pricing are good signs, though macro and freight demand remain important drivers for the stock, they write. UBS maintains its buy rating and lowers its price target to $331 from $350. FedEx slides 8%. (connor.hart@wsj.com)
(END) Dow Jones Newswires
March 21, 2025 12:54 ET (16:54 GMT)
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