FedEx Corporation (NYSE: FDX) is falling on Wednesday, recently down 4.6 percent at $166.22, following an earnings miss. The company attributed its disappointing financial results to higher plane maintenance costs and lower fuel surcharges derived from the drop in oil prices.
The day before the earnings release, Credit Suisse reiterated its Neutral rating for FedEx, setting a $179.00 price target. Several other research firms also provided recommendations over the past few days. UBS initiated coverage on the company with a Neutral rating, while Barclays maintained an Equal-weight.
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The Peers
United Parcel Service, Inc. (NYSE: UPS) is also down Wednesday, recenlty trading down 2.3 percent at $107.29. Analysts are not exactly bullish on the company; Deutsche Bank on Monday downgraded the stock from Buy to Hold, with a $116.00 price target, citing risk/reward concerns. Last week, UBS initiated coverage on the company, providing a Neutral recommendation alleging that, as in FedEx's case, investors have priced in "the expectation of strong business trends and significant earnings growth," analyst Thomas Wadewitz said.
Analysts don't appear to be big fans of the overall freight industry. Expeditors International of Washington (NASDAQ: EXPD) and C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW) recently saw Nomura initiate coverage with a Neutral ratings and price targets of $47.00 and $75.00, respectively. Bank of America has a Buy rating on C.H. Robinson, and on December 3, raised it price target from $84.00 to $85.00.
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