Berenberg analyst William Howard lowered his price target for FedEx to $155 from $175 while keeping a Hold rating on the shares. Despite blaming its fourth profit warning in a year on global macroeconomics, it is clear that FedEx "is facing a cocktail of difficulties," Howard tells investors in a research note. These include the "grinding" integration of TNT Express, managing $900M of annualized lost revenue from Amazon, slowing industrial growth in the U.S., and the upcoming shift to seven-day delivery in its U.S. Ground business, says the analyst.