FedEx price target lowered to $311 from $324 at Bernstein

Bernstein analyst David Vernon lowered the firm’s price target on FedEx to $311 from $324 and keeps an Outperform rating on the shares. The firm believes FedEx is set up for a challenging Q3, as results at the Express segment remain under pressure from weaker end markets, an under-performing postal contract, and what feels like a transformation story in slow motion. Bernstein takes its near-term estimates and price target down slightly, but remains a buyer as current prices under-reflect mid-term earnings power.