BofA Cuts FedEx PT to $376 Post-Spin-off; Freight Unit Now Largest NA LTL
FDX sits 90% above its 52-week low of $172.986.
Summary
BofA Securities maintained its Buy rating on FedEx (FDX) but lowered its price target to $376 from $440, reflecting an updated valuation after the recent spin-off. This follows the completion of the FedEx Freight spin-off on June 1st. The news also highlights that FedEx Freight is now the largest North American LTL carrier, a key operational strength for the divested business in which FedEx still holds a stake. The price target reduction indicates a re-evaluation of FedEx's value post-divestiture.
At the time of this announcement, FDX was trading at $329.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $78.5B. The 52-week trading range was $172.99 to $341.14. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.