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Investing.com - TD Cowen lowered its price target on FedEx (NYSE:FDX) to $269.00 from $310.00 on Wednesday, while maintaining a Buy rating on the delivery giant’s shares.
The research firm cited several factors for the reduced target, including mix pressure, industrial demand weakness, and trade uncertainties that are limiting upside confidence. These challenges were reflected in FedEx’s first-quarter outlook, which came in below market expectations.
Despite the lowered price target, TD Cowen noted that FedEx exceeded consensus expectations for its recently completed fiscal year, demonstrating some resilience in its business model despite the challenging economic environment.
The firm highlighted that FedEx’s cost-cutting programs remain on track, with the company continuing to rationalize and modernize its network. These efficiency initiatives are expected to help offset some of the pressures facing the company.
TD Cowen’s decision to maintain its Buy rating suggests the firm believes FedEx’s long-term prospects remain positive, even as near-term headwinds have prompted the reduction in price target from $310.00 to $269.00.
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