Why FedEx Shares Are Sliding Today

FedEx Corp FDX shares are trading lower Friday morning after the company reported worse-than-expected earnings results. 

FedEx reported fiscal third-quarter revenue of $23.6 billion, which beat the $23.44 billion estimate. The company reported quarterly adjusted earnings of $4.59 per share, which came in below the estimate for earnings of $4.64 per share. 

FedEx expects full fiscal-year 2022 earnings to be in a range of $20.50 to $21.50 per share versus the $20.61 estimate. 

Analyst Assessment: 

• Citigroup analyst Christian Wetherbee maintained FedEx with a Buy rating and lowered the price target from $300 to $270.
• Morgan Stanley maintained FedEx with an Equal-Weight rating and lowered the price target from $260 to $250.
• Wells Fargo analyst Allison Poliniak Cusic maintained FedEx with an Overweight rating and lowered the price target from $314 to $277.
• JP Morgan analyst Brian Ossenbeck maintained FedEx with an Overweight rating and lowered the price target from $297 to $282.

See Also: 25 Stocks Moving in Friday's Pre-Market Session

FDX 52-Week Range: $199.03 - $319.90

FedEx shares were down 3.31% at $220.87 at time of publication.

Photo: courtesy of FedEx.