FedEx price target lowered to $184 from $192 at JPMorgan

JPMorgan analyst Brian Ossenbeck lowered the firm’s price target on FedEx to $184 from $192 and keeps a Neutral rating on the shares. The analyst previously expected a weak peak season and normalization of freight rates across the supply chain, but says conditions have weakened faster than anticipated over the last three months. His fiscal 2023 and 2024 forecasts declined by 9% and 8% respectively and he’s "mindful that FedEx guidance was cut multiple times during the last global freight cycle." Ossenbeck is cautious on FedEx into the fiscal Q2 earnings release on December 20, as he expects the current quarter will miss guidance and the Q3 outlook will fall short of consensus.