Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on FedEx (FDX) to $318 from $351 and keeps an Outperform rating on the shares. Although the takeaways from the firm’s macro work are largely mixed, leaning favorably on the International side and more cautious on Domestic, the firm’s estimates for both FedEx and UPS (UPS) are trending lower for the to-be-reported quarters and through the firm’s forecast horizons, the analyst tells investors in a preview ahead the upcoming earnings releases and guidance for FedEx, due tomorrow night, and UPS, due on July 23.
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