FedEx price target lowered to $290 from $295 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on FedEx to $290 from $295 and keeps a Buy rating on the shares. FedEx guided a conservative, but slightly disappointing FY24 adjusted EPS view of $16.50-$18.50, with 1%-3% revenue growth despite a macro overhang, and y/y margin gains in both Express and Ground segments to more than offset margin degradation at Freight, the analyst tells investors in a research note.