Market Overview

UPDATE: Buckingham Downgrades FedEx on Valuation

Related FDX
FedEx Faces Grand Jury, Indicted for Shipping Illegal Drugs
#PreMarket Primer: Friday, July 18: Tension Between Russia And The West At An All Time High
World Cup Boosts Google Earnings, Geopolitical Tensions in Focus (Fox Business)

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.

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

 

Most Popular

Related Articles (FDX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free