UPDATE: Buckingham Downgrades FedEx on Valuation

In a report published Wednesday, The Buckingham Research Group analyst Jeffrey Kauffman downgraded the rating on

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.