UPDATE: J.P. Morgan Lowering Price Target On FedEx

J.P. Morgan Chase & Co. is out with a research report on FedEx

and is lowering its price target to $105 from $116, but it still has an Overweight rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Although freight data points do not yet indicate a sharp fall off in activity, economic data points (July ISM Manufacturing, August Philly Fed and Consumer Confidence) and the sharp fall in equity markets point to risk of a substantial slowing in economic activity and freight trends looking forward. We do not claim to have strong visibility but we believe it makes sense to adjust our FDX model to reflect a more cautious underlying economic view. We are lowering our F2012 EPS estimate from $6.60 to $6.00/share which is well below Consensus of $6.65/share. We note that FDX stock already appears to discount an even worse EPS result and we believe that reward to risk for the stock is attractive for a no growth / slow growth economic scenario." Shares of FDX lost $1.30 on Friday to close at $73.16.