Jefferies Responds to Management's Statements at FedEx Corp

Jefferies has published a report on FedEx FDX Corp responding to commentary by top management. In the report, Jefferies wrote, "FDX presented at Jefferies' Global Industrial and A&D Conference this morning. Management focused most of the presentation on summarizing how it plans to achieve double-digit operating margins. While acknowledging that the economy is in a soft patch, mgmt indicated that it is not hearing "doom and gloom" from international shippers and that rate negotiations have not changed materially vs. the past year." Jefferies rated FedEx a BUY with a price target of $113.00. FedEx closed Tuesday at $79.75.