UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on FedEx Corporation Ahead of 4QF13 EPS Report

In a report published Friday, J.P. Morgan analyst Thomas R. Wadewitz reiterated an Overweight rating on FedEx Corporation

, but lowered the price target from $122.00 to $116.00. In the report, Wadewitz noted, “Due in part to lower fuel prices, we believe that FDX has potential to report a modest upside 4QF13 EPS. However, looking to F2014, it appears that there are likely greater headwinds than we had previously assumed and we are meaningfully lowering our EPS estimate from $7.63/share to $7.00/share. We believe that FDX stock reflects some skepticism regarding 4Q and F2014 guidance but our sense is also that there may be downside risk in the near term. We continue to believe that FDX has potential to deliver margin improvement in the medium term but support from stronger economic growth is likely necessary to realize a trend up.” FedEx Corporation closed on Thursday at $98.94.