Credit Suisse analyst Allison Landry maintained an Outperform rating on FedEx but cut her price target to $307 from $315 following the company's weaker Q1 operating results. In a research note to investors, Landry says that although expectations "weren't high," the Q1 EBIT shortfall and the "low-quality" FY guidance should be enough to be met with a negative reaction from investors, but expects "modest" pressure on the stock today as FY top line and EBIT margins were reiterated. Landry says she "wasn't thrilled" with the results, but thinks there is merit to what CEO Fred Smith pointed out that quarterly earnings don't tell the whole story.