UBS lowered the firm’s price target on FedEx (FDX) to $293 from $297 and keeps a Buy rating on the shares as part of a fiscal Q1 preview. The company pointed to a modest downshifting in volume growth in mid-July in its business-to-consumer package business as well as a worse than expected less-than-truckload shipment performance in Q1, the analyst tells investors in a research note. UBS thinks FedEx will respond to the softer volume trend with additional cost reductions. It reduced trimmed earnings estimates into the earnings report.
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