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FedEx (NYSE:FDX) has had its price target lowered by JPMorgan Chase & Co. The bank cut its target from $400.00 to $399.00 in a research note issued on Monday. JPMorgan kept its "overweight" rating, which is similar to a "buy."
The new target suggests a possible gain of about 37.8% from FedEx's recent share price of $289.48. The cut is very small, and JPMorgan is still very positive on the delivery company.
This is the second time JPMorgan has lowered its FedEx target in about a month. In early September, the bank cut its target from $460.00 to $400.00. The latest change of just $1 is much smaller than that earlier drop.
Overall, Wall Street still leans positive on FedEx. MarketBeat gives the stock a "Moderate Buy" rating, with an average price target of about $354.68. Other recent moves include:
FedEx also made news with the sale of its FedEx Supply Chain business for about $1.4 billion, reported on October 2. The deal helps the company focus on its main parcel delivery and freight work.
FedEx shares traded at about $289 on Monday, down slightly on the day. That is below the stock's recent average prices over the past 50 and 200 days, which were about $319 and $347 in early September.
Investors will watch FedEx's next earnings report for signs of how demand for shipping is holding up. A strong report could lift the share price toward analyst targets, while weak results could lead to more target cuts.
This article is for information only and is not financial advice. Analyst price targets are opinions and can be wrong.
For more coverage of this story, read the original report at MarketBeat.
