BofA/Merrill analyst Ken Hoexter downgraded FedEx to Neutral from Buy and slashed its price target to $200 from $304 following the board's surprise move to change its Express CEO. Hoexter said this rapid change is out of character for the company and may signal a potential miss on Express operational target. The analyst lowered his forecasts and said FedEx is still struggling with its ongoing restructuring at Express, as increased costs from e-commerce impact Express and Ground segments, and believes shares could remain under pressure if the company further amends its profit target.