FedEx Faces Several Price Target Cuts By Analysts After Profit Warning

FedEx Corp FDX issued preliminary results. The company said it now expects first-quarter revenue of approximately $23.2 billion and first-quarter adjusted earnings to be around $3.44 per share. FedEx has withdrawn its fiscal year 2023 earnings forecast. The company expects business conditions to weaken further in the second quarter.

FedEx shares dipped 20.1% to $163.69 in pre-market trading.

These analysts made changes to their price targets on FedEx following the release of results.

• JP Morgan cut price target on FedEx from $258 to $214. JP Morgan analyst Brian Ossenbeck also downgraded the stock from Overweight to Neutral.
• Stifel lowered FedEx price target from $288 to $195. Stifel analyst J. Bruce Chan also downgraded the stock from Buy to Hold.
• B of A Securities reduced FedEx price target from $275 to $186. B of A Securities analyst Ken Hoexter also downgraded the stock from Buy to Neutral.
• Citigroup lowered price target on the stock from $225 to $180. Citigroup analyst Christian Wetherbee maintained FedEx with a Neutral.
• Loop Capital cut the price target on the stock from $339 to $202. Loop Capital analyst Rick Paterson also downgraded the stock from Buy to Hold.
• Goldman Sachs reduced FedEx’s price target from $288 to $250. Goldman Sachs analyst Jordan Alliger maintained a Buy rating on the stock.
• Wells Fargo cut FedEx’s price target from $269 to $199. Wells Fargo analyst Allison Poliniak Cusic maintained the stock with an Overweight.
• BMO Capital reduced price target on FedEx from $270 to $215. BMO Capital analyst Fadi Chamoun maintained the stock with a Market Perform.
• Baird cut FedEx’s price target from $300 to $240. Baird analyst Garrett Holland maintained the stock with an Outperform rating.
• Credit Suisse lowered price target on the stock from $314 to $246. Credit Suisse analyst Ariel Rosa maintained FedEx with an Outperform.
• Evercore ISI Group cut the price target on the stock from $318 to $243. Evercore ISI Group analyst Jonathan Chappell maintained FedEx with an Outperform.
• Cowen & Co. reduced price target on the stock from $310 to $230. Cowen & Co. analyst Helane Becker maintained the stock with an Outperform rating.