Rothschild & Co Redburn downgraded FedEx (FDX) to Neutral from Buy with a $317 price target which offers 3% upside. The firm says current valuation levels fairly reflect the potential value creation from the spinoff of FedEx’s freight division. Investor perception toward the less-than-truckload sector has tilted positive, bringing into focus FedEx’s June spinoff while also driving group valuation higher, the analyst tells investors in a research note.
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