FDX is trading at its lowest levels since June 2023
Postal stock FedEx Corp (NYSE:FDX) is plummeting today, last seen down 11.2% at $218.29 and trading at its lowest levels since June 2023. The company reported a fiscal third-quarter earnings miss, but more importantly, cut its profit outlook for the third time in a row, citing “continued weakness and uncertainty in the U.S. industrial economy," and leaving many on Wall Street concerned.
A flood of analysts slashed their price targets after the event, including J.P. Morgan Securities to $323 from $372. Loop Capital downgraded the shares to "sell" from "hold," calling it a "really bad recession stock."
Today's bear gap has the equity slipping below recent support at $240, and on track to close its third-straight weekly loss. Since the start of the year, FDX is down 21.9%.
Of the 33 analysts in coverage, 21 still carry a "buy" or better rating, while the 12-month consensus price target of $312.15 is still a 41.4% premium to current levels. This leaves plenty of room for bear notes that could provide headwinds in the short term.