Argus analyst John Eade downgraded FedEx to Hold from Buy. The analyst notes that while the stock has underperformed the market and its peer group, with valuation multiples near its range-low levels, he has "low confidence" that the company's earnings power can recover in the near term as its core FedEx Express revenues and margins are sliding. With the ongoing trade and tariff issues making conditions for the global air transport industry especially challenging, Eade says he would only move FedEx stock to Buy once he sees improvement in its top and bottom line.