FedEx price target lowered to $296 from $301 at JPMorgan

JPMorgan lowered the firm’s price target on FedEx to $296 from $301 and keeps a Neutral rating on the shares. The analyst is taking a neutral stance on FedEx into the earnings release on June 25. The firm sees a potentially more constructive setup after the fiscal 2025 guidance, which it expects will be back-half weighted because of the loss of the largest customer United States Postal Service to UPS. Management should be able to offset this contract loss over time but the impact of stranded costs on the network will likely be significant in Q2, the analyst tells investors in a research note.