FedEx price target lowered to $255 from $263 at Loop Capital

Loop Capital lowered the firm’s price target on FedEx (FDX) to $255 from $263 and keeps a Hold rating on the shares following its below-consensus FY24 outlook. The company continues to battle macro headwinds with cost-cutting initiatives and, in the near future, will begin to integrate its air and ground operations, the analyst tells investors in a research note. The firm adds however that so far, the “macro is winning”, which led to a softer-than-expected guide, even though over the long-term, FedEx “looks like an easy win” given all it essentially has to do is become a non-union version of UPS (UPS).