KeyBanc analyst Todd Fowler lowered his estimates for FedEx ahead of the company's Q2 earnings report to reflect ongoing macro weakness negatively impacting mix, as well as integration and investment costs for Express & Ground. The analyst now sees FY20 EPS of $12.00, down from $12.25, including a Q2 EPS of $2.75, down from $2.94, and FY21 EPS of $13.75, down from $14.25. Fowler tells investors in a research note that he doesn't expect Q2 to be a positive inflection, with cost actions expected to more fully materialize later in FY20 or FY21, but says Express & Ground margins are likely at an interim bottom with valuation limiting more meaningful downside. He keeps a Sector Weight rating on the shares.