FedEx price target lowered to $305 from $317 at Citi

Citi analyst Ariel Rosa lowered the firm’s price target on FedEx (FDX) to $305 from $317 and keeps a Buy rating on the shares. As many investors feared, the company lowered its earnings outlook, as FedEx noted “a very challenging operating environment” and “continued weakness and uncertainty in the U.S. industrial economy,” the analyst tells investors. The stock was down 6% after-hours with FedEx already near a 52-week low, reflecting the “depth of concern over the economic outlook and FedEx’s ability to navigate through macro challenges,” adds the analyst, who continues to view shares as “cheap.”