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Fly News Breaks for September 17, 2015
FDX
Sep 17, 2015 | 07:48 EDT
Goldman removed FedEx from the Conviction Buy List and lowered its price target to $184 from $214. Yesterday, FedEx trimmed FY16 earnings guidance by 20c to $10.40-$10.90, citing weaker LTL demand within Freight, and higher self-insurance reserves and operating costs within Ground. Analyst Tom Kim expects these headwinds to continue near-term, creating earnings uncertainty. Kim said Buy rated FedEx continues to offer value to investors, trading at a discount despite having the highest earnings growth under coverage.
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