FedEx Corporation (NYSE:FDX) shares are moving lower Wednesday after the company issued soft guidance for the first quarter. Multiple analysts also cut price targets following the company’s fourth-quarter results.
Q4 Details: FedEx reported adjusted earnings per share of $6.07, beating the consensus estimate of $5.87. In addition, the company reported sales of $22.20 billion, beating the consensus estimate of $21.83 billion.
Q1 Outlook: FedEx sees adjusted earnings per share of $3.40 to $4.00, versus the consensus estimate of $4.15.
Competitor United Parcel Service Inc. (NYSE:UPS) may also be trading lower in sympathy with FedEx, as investors view the soft guidance as a potential sign of broader industry challenges. UPS isn’t due to report earnings until next month.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- Citigroup analyst Ariel Rosa maintained a Buy rating on FedEx and lowered the price target from $267 to $259.
- TD Cowen analyst Jason Seidl maintained a Buy rating on FedEx and lowered the price target from $310 to $269.
- Stifel analyst J. Bruce Chan maintained a Buy rating on FedEx and lowered the price target from $329 to $315.
- Susquehanna analyst Bascome Majors maintained a Positive rating on FedEx and raised the price target from $290 to $295.
- UBS analyst Thomas Wadewitz maintained a Buy rating on FedEx and lowered the price target from $311 to $297.
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FDX Price Action: At the time of publication, FedEx Stock was down 3.41% at $221.70, according to data from Benzinga Pro.
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