FedEx price target lowered to $200 from $234 at Oppenheimer
Oppenheimer analyst Scott Schneeberger lowered his price target for FedEx to $200 from $234, while reiterating an Outperform rating on the shares. The analyst notes that FedEx has recently reduced its FY19 Express segment outlook, primarily on international macro conditions/TNT integration challenges post that sizable acquisition's June 2017 cyberattack. Domestically, FedEx has not yet encountered indications of economic softness and expressed expectations of continued margin improvement in its Ground and Freight segments, he adds. While FedEx "needs to demonstrate operational/financial improvement in its Express segment," Schneeberger views the stock's substantial selloff as overdone.