UPDATE: Jefferies Decreases PT on FedEx to $103
Jefferies remains at a Hold rating on FedEx (NYSE: FDX) and decrease its price target from $105 to $103.
Jefferies comments, “The market was quick to shake off FDX's weak F2013 guidance on the view that FDX will raise its outlook due to restructuring actions in October. While we see the restructuring as accretive to out-year forecasts (see below), we have lower expectations for F2013. We'd await a more favorable valuation. Reiterate Hold.”
FDX closed at $91.01 on Tuesday.
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