Wolfe Research analyst Scott Group lowered the firm’s price target on FedEx (FDX) to $423 from $427 and keeps an Outperform rating on the shares in conjunction with the firm updating EPS estimates across its transport coverage ahead of Q1 earnings. The recent strength in truckload spot rates is “clearly positive for broad transport fundamentals,” but in the near term, transports face Q1 EPS risk due to a mix of bad weather, fuel lags and brokerage squeezes, the analyst tells investors.
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