Market Overview

UPDATE: Buckingham Downgrades FedEx on Valuation

Share:
Related FDX
The Biggest Losers From Monday's Market Meltdown
TNT Express Board Recommends Shareholder Support for €8/Share Offer from FedEx
Meet The Manager Of A Top Performing Mutual Fund (Investor's Business Daily)

In a report published Wednesday, The Buckingham Research Group analyst Jeffrey Kauffman downgraded the rating on FedEx Corporation (NYSE: FDX) from Buy to Neutral, but raised the price target from $120.00 to $122.00.

In the report, The Buckingham Research Group noted, “FDX has hit our previous price target of $120 and we are now changing our recommendation from Buy to Neutral. While yesterday's large share repurchase announcement causes us to raise our price objective from $120 to $122, we believe the shares currently priced in much of the restructuring gains for the next year. We also note historically, that FedEx's previous share buybacks have not resulted in a meaningful drop in shares outstanding, moderating the expected contribution to EPS growth.”

FedEx Corporation closed on Tuesday at $120.08.

Latest Ratings for FDX

DateFirmActionFromTo
Sep 2015Deutsche BankMaintainsBuy
Sep 2015
Sep 2015Keefe Bruyette & WoodsMaintainsMarket Perform

View More Analyst Ratings for FDX
View the Latest Analyst Ratings

Posted-In: Jeffrey Kauffman The Buckingham Research GroupAnalyst Color Downgrades Analyst Ratings

 

Related Articles (FDX)

Get Benzinga's Newsletters