UPDATE: Goldman Sachs Downgrades FedEx on Balanced Risk/Reward Profile

In a report published Thursday, Goldman Sachs analyst Tom Kim downgraded the rating on

from Buy to Neutral, but raised the price target from $112.00 to $116.00. In the report, Goldman Sachs noted, “We are downgrading FDX to Neutral from Buy, as we believe the risk/reward profile is now balanced, given the recent rally in shares. The stock has appreciated 34.3% over the past 12 months, outperforming the S&P which is up 18.2% (since we first initiated on July 12, 2012, the stock is up 29.9% vs S&P up 29.3%). While we expect global freight flows to show an upward growth trajectory, the path is likely to remain choppy due to the uneven economic recovery, as we have observed in global freight flow trends. We also lower our Logistics coverage view from Attractive to Neutral, given the reduced upside potential to our valuations.” FedEx Corporation closed on Wednesday at $116.25.