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Fly News Breaks for March 20, 2019
FDX
Mar 20, 2019 | 08:25 EDT
Morgan Stanley analyst Ravi Shanker noted that FedEx's Q3 miss and guidance cut were "much bigger" than he expected and he believes that uncertainty about the stock will continue after this report. He would be surprised if the Q4 headwinds implied in full-year guidance were isolated to this quarter and didn't continue into FY20, said Shanker, who thinks there could be significant downside to current consensus. He cut his price target on FedEx shares to $148 from $156 and keeps an Equal Weight rating on the stock.
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