FedEx cut to hold from buy at Berenberg, amid ‘cloudy macroeconomic outlook’


FedEx Corp. FDX, -1.37% was downgraded to hold from buy, and its price target cut to $275 per share from $300 by Berenberg analysts, who said the shipping giant had become “too much of a ‘show-me story. Shares had seen a recent reprieve amid a CEO change and apparent influence of an activist investor, analysts William Fitzalan Howard and Conor Dwyer said in a note on Friday. “This raised hopes that the capital markets day this week might mark a break from the business’s chequered reputation of the past few years. However, with near-term earnings risks now mounting and mixed prospects for the execution of the strategic review, we think the shares may pause for breath until the macroeconomic outlook becomes clearer,” they said.

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