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Fly News Breaks for June 20, 2018
FDX
Jun 20, 2018 | 07:38 EDT
Morgan Stanley analyst Ravi Shanker said FedEx's Q4 EPS beat expectations, but the "quality was not great." Additionally, FY19 guidance missing by 1% at the midpoint may have been expected, but the "details are likely to disappoint," according to Shanker. While bulls may be relieved that FY19 capex guidance declined year-over-year, the relief is likely to be short-lived and free cash flow concerns are likely to continue as management warned of capex spiking in FY20 and FY21, added the analyst, who keeps an Equal Weight rating on FedEx shares.
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