FedEx price target lowered to $259 from $264 at Stifel

Stifel analyst J. Bruce Chan lowered the firm’s price target on FedEx to $259 from $264 and keeps a Buy rating on the shares. Adjusted Q4 EPS beat consensus estimates, with Express and Ground volume declines moderating nicely and DRIVE initiative cost containment efforts continuing, the analyst tells investors in a research note. Guidance for FY24 was “a bit light,” but at trough valuation and with a base case for an inflecting cycle, the risk reward is weighted to the upside, the firm says.