Deutsche Bank analyst Robert Salmon says that despite a softer macro backdrop, the risk/reward for shares of FedEx is favorable into the company's Q1 results. The stock is trading at a historically low non-recession multiple despite a favorable pricing environment, Salmon tells investors in a research note. To reflect a softer global economy and continued weakness in U.S. industrial production and manufacturing, he cut his estimates for FedEx and dropped his price target for the stock to $206 from $216. Salmon keeps a Buy rating on the shipping giant.