UPDATE: Stifel Nicolaus Cuts PT to $111 on FedEx Corporation; Volumes Softening
Stifel Nicolaus reiterates its Buy rating on FedEx Corporation (NYSE: FDX) and lowers its price target from $117 to $111.
Stifel Nicolaus comments, "Unlike other names in our coverage heavily keyed to the U.S. economy, FedEx is highly correlated to the wider, global climate. Its Express segment, in particular, reflected softening volumes (not good for a network business) and a product trade-down (i.e. priority to economy/deferred) that so often characterizes a cautious environment; however, margins in Express held steady and were generally in-line with expectations."
FDX closed at $91.01 on Tuesday.
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