Deutsche Bank Leaves FedEx Buy Rating, $136 PT Unchanged

Deutsche Bank left its FedEx FDX Buy rating and $136 price target unchanged in a research report published today. In the report, Deutsche Bank states, "Yesterday after the close, FDX announced FQ3 guidance of $0.70-0.90, down from $0.95-1.15 (ex LTL restructuring charges). We had previously taken our estimate down (on 1/31/11) to $0.94 on similar expectations and Consensus of $1.02 was in the process of coming down (several analysts had already lowered estimates). Severe storms in the US and Europe were the primary culprit for the shortfall coupled with rising jet fuel costs (up 22% QTD)." Shares of FedEx were at $93.66 in pre-market trading, down 0.35% from Monday's market close.