FedEx price target lowered to $196 from $202 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on FedEx to $196 from $202 and keeps an Outperform rating on the shares. The company’s adjusted Q2 EPS of $3.18 "easily beat" his estimate of $2.90, the average Street forecast of $2.81, and the guidance of $2.75, noted Chappell. However, demand deteriorated at a more accelerated pace than anticipated, added the analyst. As he contemplates a slower volume recovery and a material slowing of yield expansion offsetting much of the new cost targets, he is lowering his FY23 and FY24 EPS estimates to $13.85 and $17.00, respectively.