FedEx price target lowered to $340 from $346 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on FedEx (FDX) to $340 from $346 and keeps a Buy rating on the shares. The loss of the U.S. Postal Service contract to UPS (UPS) is a near-term headwind and will have a near-term negative impact at FedEx as it winds down excess assets used to operate its day sort, the analyst tells investors in a research note.