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FDX

FedEx

$185.01

2.81 (1.54%)

08:04
12/19/18
12/19
08:04
12/19/18
08:04

FedEx guidance cut expected, magnitude worse than expected, says Morgan Stanley

Morgan Stanley analyst Ravi Shanker noted that he had previewed a miss and guidance cut coming from FedEx, but the magnitude of the reduction was much bigger than he expected. He points out that his $16.61 EPS estimate for FY19 was 3.5% below the low end of the previous range, but is now slightly above the high end of the company's new range. Shanker recognizes that global growth has slowed, but he was "very surprised" by the magnitude of this headwind, adding that he believes global growth concerns are likely to get worse before they get better next year. The analyst, whose model and price target are under review, keeps an Equal Weight rating on FedEx shares.

FDX FedEx
$185.01

2.81 (1.54%)

12/19/18
BMOC
12/19/18
NO CHANGE
Target $245
BMOC
Outperform
FedEx price target lowered to $245 from $270 at BMO Capital
BMO Capital analyst Fadi Chamoun lowered his price target on FedEx to $245 after its Q2 earnings and guidance cut yesterday evening, saying that the "impact of slowing global growth on Express results" is "sharper than anticipated". The analyst contends that a "serious" recovery in FedEx stock price is unlikely in the near term following a reset in earnings expectations and the growing macro uncertainty. Chamoun keeps his Outperform rating on the shares longer term however, noting that valuation is "compelling at current levels" and believes that the investments FedEx made in its Ground business are "starting to pay off."
12/19/18
FBCO
12/19/18
NO CHANGE
Target $236
FBCO
Outperform
FedEx price target lowered to $236 from $263 at Credit Suisse
Credit Suisse analyst Allison Landry lowered his price target for FedEx to $236 from $263 due to lower base year EBIT and a higher discount rate. Global growth seems to have peaked and while trade rhetoric is undoubtedly a major factor contributing to weaker economic growth, perhaps the more concerning element at play for FedEx's international biz is the material mix shift at legacy TNT toward lower margin traffic, she contends. For this reason, Landry is admittedly less constructive on the stock. However, the analyst also thinks there is reason to believe that the stock could be close to washed out. To the extent that the bad news is now out of the way, Landry continues to think that the downside risk remains limited and reiterates an Outperform rating on the shares.
12/19/18
UBSW
12/19/18
NO CHANGE
Target $205
UBSW
Neutral
FedEx price target lowered to $205 from $256 at UBS
UBS analyst Thomas Wadewitz lowered his price target on FedEx to $205 from $256 following Q2 results. The analyst noted the company lowered its guidance based on issues at Express that are expected to continue. Wadewitz maintained his Neutral rating on FedEx shares.
12/19/18
DBAB
12/19/18
NO CHANGE
Target $212
DBAB
Buy
FedEx price target lowered to $212 from $293 at Deutsche Bank
Deutsche Bank analyst Amit Mehrotra lowered his price target for FedEx to $212 saying the company last night reported "poor" fiscal Q2 results and lowered full-year 2019 earnings guidance by 8% at the midpoint. The quarter and call "follow a string of disappointing prints and weak disclosures," Mehrotra tells investors in a post-earnings research note. However, despite this, shares are "much too discounted," even under the reduced earnings forecast, says the analyst. As such, he keeps a Buy rating on FedEx.

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