FedEx price target lowered to $305 from $322 at JPMorgan

JPMorgan lowered the firm’s price target on FedEx (FDX) to $305 from $322 and keeps a Neutral rating on the shares. After fiscal Q2 results came in well below expectations and were paired with guidance that implies downside to Q3 consensus estimates, the analyst expects FedEx shares will give back the majority of gains racked up this month. FedEx continues to assert it is hanging onto the majority of share gains triggered by the Teamsters negotiation while also highlighting softer demand trends in U.S. Domestic Express and International Airfreight, which has “mostly negative” read-throughs to UPS (UPS), the analyst added.