Yahoo Finance Live’s Brian Sozzi discusses FedEx stock performance amid a JPMorgan analyst’s decision to cut the transport company’s price target to $258.
BRIAN SOZZI: All right before we head to break, let's claw off shares of FedEx on a cautious note out of JPMorgan ahead of the company's September 22 earnings report. Analyst Brian Ossenbeck slashing his price target on FedEx to $258 from $284. Says the analyst, "Most investors we've spoken to expect FedEx will cut its fiscal year 2023 EPS guidance to encompass the low end of its current range. The negativity stems from FedEx's falling economic forecasts, year over year declines in Asia-Pacific air cargo rates, and expectations of market share loss in its ground services business."