BofA analyst Ken Hoexter noted earlier that he hosted Jeff Smith of FedEx Investor Relations for meetings this week. FedEx acknowledged that it kept overly optimistic growth forecasts as it progressed through FY20, but the company is now cutting capacity, taking down 6%-8% of flight hours in Q3 for full effect in Q4. Hoexter also noted that FedEx added the risk of shareholder activism in its Form 10K, which he said "was of interest to investors." The analyst, who lowered his FY21 and FY22 EPS estimates by 5c each to account for the elimination of his share repurchase estimates, keeps a Neutral rating and $163 price target on FedEx shares.