FDX - FedEx Shares Tank On Q2 Miss: 4 Analysts Deliver Key Takeaways | Benzinga
FedEx Corp (NYSE: FDX) shares tanked in early trading on Wednesday, after the company reported softer-than-expected earnings for its fiscal second quarter and reduced its full-year revenue guidance.
The results came amid an exciting earnings season. Here are four analysts' deep dive into the earnings release.
Goldman Sachs On FedEx
Analyst Jordan Alliger maintained a Buy rating and price target of $293.
FedEx reported its second-quarter earnings from operations at $3.99 per share, below expectations of $4.20 per share, Alliger said in a note.
The miss was solely due to Express, "which saw margin come in well below our 3.7% estimate at 1.7% — as inverse leverage around negative volume growth and mix-shift to lower yielding products more than offset any productivity gains attributable to the Drive program,” the analyst added.
BMO Capital Markets On FedEx
Analyst Fadi Chamoun reiterated a Market Perform rating and price target of $280.
The company’s quarterly results ...