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FDX

FedEx

$216.00

0.92 (0.43%)

16:26
09/19/17
09/19
16:26
09/19/17
16:26

FedEx sees FY18 ex-items EPS $12.00-$12.80, consensus $13.38

The company is lowering its FY18 forecast due to the estimated full-year impacts of the TNT Express cyberattack. Before year-end MTM pension accounting adjustments, earnings are now projected to be $11.05-$11.85 per diluted share for FY18. The earnings forecast before year-end MTM pension accounting adjustments and excluding expenses related to TNT Express integration and certain Q1 FedEx Trade Networks legal matters is now $12.00-$12.80 per diluted share for FY18. These forecasts assume moderate economic growth and continued recovery from the cyberattack. FedEx is unable to forecast the FY18 year-end mark-to-market, or MTM, pension accounting adjustments. As a result, the company is unable to provide FY18 earnings guidance on a GAAP basis. The capital spending forecast for FY18 remains $5.9B. "The impact of the cyberattack on TNT Express and lower-than-expected results at FedEx Ground reduced our Q1 earnings," said CFO Alan Graf, Jr. "We are currently executing plans to mitigate the full-year impact of these issues."

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FDX FedEx
$216.00

0.92 (0.43%)

09/15/17
09/15/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Equifax (EFX) downgraded to Hold from Buy at Argus with analyst Jasper Hellweg citing news of a major hack on the company's data that could have lasting effects. 2. FedEx (FDX) downgraded to Neutral from Buy at UBS with analyst Thomas Wadewitz citing TNT issues following the cyber-attack in June that knocked out multiple systems. 3. Carnival (CCL) downgraded to Neutral from Outperform at Credit Suisse with analyst Tim Ramskil saying he is worried that his estimate of absolute industry capacity growth in 2018-2021 is double that of the last five years. 4. American Airlines (AAL), United Continental (UAL), and Spirit Airlines (SAVE) were downgraded to Neutral from Overweight at JPMorgan. 5. Acuity Brands (AYI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Richard Kwas saying his firm's electrical channel checks indicate the 8% consensus organic revenue growth estimate for FY18 does not have upside. The analyst thinks shares are likely range-bound in the $160-$200 range "for the time being." He believes a "material step up" in tiered solutions growth is needed for gross margin to outperform expectations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/15/17
FBCO
09/15/17
NO CHANGE
Target $242
FBCO
Outperform
FedEx 2020 operating income target may still be achievable, says Credit Suisse
Credit Suisse analyst Allison Landry acknowledges that the damage to FedEx from the cyber attack on TNT is likely significant and she is not recommending that investors buy into FedEx's Q1 report next week. However, to the extent that the company can convince that the TNT situation is contained and that it can still achieve its targeted operating income improvement of $1.2B-$1.5B by 2020, she thinks the report could remove an overhang and be a positive catalyst for the stock. The analyst, who thinks a path to the 2020 target may still be achievable, keeps an Outperform rating on FedEx and raised her price target on the shares to $242 from $237.
09/15/17
UBSW
09/15/17
DOWNGRADE
UBSW
Neutral
FedEx downgraded to Neutral from Buy at UBS
UBS analyst Thomas Wadewitz downgraded FedEx to Neutral with a $233 price target to reflect TNT issues following the cyber-attack in June that knocked out multiple systems. Wadewitz said it is remains unclear if international operation, delivery confirmation and billing systems are fully running and thinks the resulting impact on volumes could last, reducing FedEx's ability to deliver 10%-15% earnings growth in 2018/19. The analyst believes FedEx risk/reward is balanced in the near-term and sees less clarity in FY18 with risk from TNT.
09/14/17
SBSH
09/14/17
NO CHANGE
SBSH
Buy
Citi sees 'tricky' setup into FedEx's Q1 results
Citi analyst Christian Wetherbee thinks the setup is "tricky" into FedEx's Q1 results next week. The stock has rallied off the post-cyber-attack lows into what should be a "messy" quarter, Wetherbee tells investors in a pre-earnings research note. He estimates the earnings per share impact of the TNT cyber-attack to be in the 50c-$1.00 range for FY18. As a result, Wetherbee expects FedEx to cut its full-year guidance. He recommends buying the shares on any post-earnings weakness, however. The company's long-term story "remains quite attractive," Wetherbee writes. He keeps a Buy rating on FedEx with a $235 price target and continues to see long-term value of $260-$290 per share.

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