FedEx price target lowered to $275 from $282 at Evercore ISI

Evercore ISI lowered the firm’s price target on FedEx to $275 from $282 and keeps an Outperform rating on the shares. The company reported Q4 earnings and its FY24 EPS guidance was a bit below Street expectations with “flat to low-single-digit” revenue growth representing a cautious macro backdrop, the analyst tells investors in a research note. The absence of a required macro recovery should lend some confidence to the EPS growth outlook for the current fiscal year and the multiyear path for FedEx, the firm contends.