FedEx price target lowered to $328 from $334 at TD Cowen

TD Cowen lowered the firm’s price target on FedEx to $328 from $334 and keeps a Buy rating on the shares. Fiscal Q1 results “fell well short of our estimate and consensus expectations” as a trade-down and poor demand continue to weigh on the parcel market, the analyst tells investors. The firm’s estimates come in below the low end of updated EPS guidance given Cowen’s concerns on current trends and back half weighting, the analyst added.