UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on FedEx Corporation on FQ3 Blowback

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In a report published Monday, Deutsche Bank analyst Justin Yagerman reiterated a Buy rating on FedEx Corporation
FDX
, but lowered the price target from $134.00 to $129.00. In the report, Yagerman noted, “We spent two days on the road with FDX IR last week and felt the full brunt of blowback from the company's FQ3 whiff and lackluster guidance. FDX has been a stop-and-go story for the better part of this ‘recovery' and investors were clearly disenchanted with the pace, execution, and substance of the company's progress to-date. The ever-upcoming $1.7 billion in profit improvements promised and risk around the USPS contract were the two biggest topics. We remain buyers, especially on recent weakness as we see material earnings growth in FY14/15. BUY.” FedEx Corporation closed on Friday at $92.39.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsDeutsche Bank
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