FedEx Corporation FDX said its adjusted earnings per share dropped to $3.44 for the quarter ended Aug 31 compared to $4.37 in the year-ago period, while revenue increased to $23.2 billion from $22 billion.
FedEx also announced plans to repurchase $1.5 billion of its common stock during fiscal 2023. The company said it plans to repurchase $1 billion of its common stock in the second quarter.
FedEx shares slipped 2.8% to $150.25 in the pre-market trading session.
These analysts made changes to their price targets on FedEx following the release of results.
- Credit Suisse cut price target on FedEx from $246 to $236. Credit Suisse analyst Ariel Rosa maintained the stock with an Outperform.
- B of A Securities lowered FedEx price target from $186 to $178. B of A Securities analyst Ken Hoexter maintained the stock with a Neutral.
- BMO Capital cut FedEx price target from $215 to $190. BMO Capital analyst Fadi Chamoun maintained a Market Perform rating on the stock.