UBS lowered the firm’s price target on FedEx to $311 from $333 and keeps a Buy rating on the shares. FedEx’s EPS was much worse than expected for Q1, with the new Federal Express division the largest driver of downside with EBIT about $315M below the firm’s forecast, the analyst tells investors in a research note. The large downside Q1 makes it difficult for the firm to model a sharp enough ramp to achieve the new full year guidance, UBS says.
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