Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on FedEx (FDX) to $202 from $225 and keeps an Outperform rating on the shares after updating his estimates for the parcel industry "almost unilaterally to the downside" and shifting his price target methodology to 2024 EPS ahead of the company’s earnings report due tomorrow night. With no major global enterprise immune from the macro environment, he is lowering his EPS forecasts across the board for both FedEx and UPS (UPS) on weaker volume expectations, but Chappell notes that the downward revisions are "much greater" for FedEx.
Published first on TheFly
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