UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on FedEx

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on FedEx Corporation FDX, but lowered its price target from $100.00 to $98.00. BofA Merrill Lynch noted, “Owing to its global infrastructure, FedEx, one of the three main global airfreight integrators, benefits from growth of cross-border trade. When the economy rebounds, FedEx's fixed network benefits from improved utilization. Currently, it is taking share at its Ground segment, benefiting from its restructured less-than-truckload segment, and we anticipate a potential restructuring will save it sizable costs at its Express segment. Its shares tend to be concurrent economic indicators.” FedEx Corporation closed on Tuesday at $86.55.