UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on FedEx

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on FedEx Corporation (NYSE: FDX), but lowered its price target from $98.00 to $93.00.

Jefferies noted, “FDX beat downwardly-revised F1Q expectations, but guided the forward quarters lower on a continued modal shift toward slower, lower priced offerings; slowing global demand; and rising fuel prices. Our sense also is that October's analyst day may focus less on headcount reductions and more on SG&A cuts and network changes. This seems a bit less compelling to us.”

FedEx Corporation closed on Tuesday at $86.55.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.