FedEx shares in decline as Citi voices a preference for archrival UPS
Shares of FedEx Corp. FDX, -1.48% dropped 1.5% toward a three-month low in premarket trading Tuesday, after Citi analyst Christian Wetherbee downgraded the package delivery company citing concerns over the pace of freight activity with upcoming data expected to"skew negatively" in the peak season. Wetherbee cut this rating to neutral from buy, and slashed his stock price target to $225 from $270.
"We believe Ground volume has been weakening through F1Q and further macro weakness make [double-digit] EPS growth difficult even with better pricing through peak," Wetherbee wrote in a note to clients. And because Wetherbee is more confident FedEx rival United Parcel Service Inc.'s UPS, -0.
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