Evercore ISI downgraded FedEx (FDX) to In Line from Outperform with a price target of $243, down from $249. The firm sees demand headwinds brining risk to the company’s near-term earnings estimates. Volume and revenue pressures are accumulating for FedEx amid intensifying macro headwinds, creating little relative upside for the shares in the near-term, the analyst tells investors in a research note.
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