Bernstein lowered the firm’s price target on FedEx (FDX) to $249 from $282 and keeps a Market Perform rating on the shares. The firm says that a lack of initiatives to bridge DRIVE to Network 2.0 is going to put consensus out of reach for FY26. Combine that with rising execution risk on a very complex network integration and the risk/reward here looks less compelling, Bernstein adds.
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