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Fly News Breaks for March 3, 2020
FDX
Mar 3, 2020 | 09:28 EDT
Morgan Stanley analyst Ravi Shanker expects a Q3 miss for FedEx and his estimates are now at the low end of FY20 guidance given that "it's clear that we're flying with limited visibility into [the quarter], rather than in clear skies" given the global development of coronavirus since Q2. The global spread of coronavirus "casts a cloud and headlines will continue to drive the stock," contends Shanker, who keeps an Equal Weight rating on FedEx shares and noted that his estimates are 6% below consensus for Q3.
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