It's time for investors to steer clear of FedEx after the company preannounced disappointing results for the recent quarter, several analysts said. The transportation giant got hit by a wave of downgrades after it withdrew its outlook for the year and shared a slew of initiatives aimed at cutting costs amid a softening shipping environment.
"From here, there's no more 'benefit of the doubt,' and FedEx's ability to rightsize costs and get back on track with its mid-term profit goals are very much a show-me story," he wrote. That said, Chan thinks the company is in a prime position to take advantage of an acceleration in some e-commerce trends. KeyBanc Capital Markets' Todd Fowler echoed similar concerns related to the broader industry as he downgraded FedEx to sector weight.
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FedEx stock tanks nearly 15% after company withdraws outlook, says year is about to get worseFedEx Corp. stock drops more than 15% Thursday after the logistics company pulled its outlook for the year and called for significantly lower quarterly... Bullish Fedex forced by pandemic to finally raise wages ($13/hr to $20/hr in major cities), playing catch up from years of suppressing wages. Now their profits will live & die by the rise & fall in Retail Demand.
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