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FedEx Corp  (FDX) - Get FedEx Corporation Report shares traded at a five-week low Thursday after Citigroup cut its price target on the package delivery group, citing headwinds from it TNT integration and slowing international growth.

Citigroup analyst Christian Wetherbee also reduced his estimate for FedEx's  third quarter earnings report, scheduled for March 19, to $3.05 per share, well below the Street consensus of $3.28. The bank said headwinds from FedEx's ongoing moves to integrate TNT, which it purchased for $4.8 billion in 2016, and a slowing global economy could also weigh on its international business. 

"We are factoring in a softer outlook for Express related to slower International trends and ongoing profit headwinds from the TNT integration, as well as somewhat lower profit growth at Freight,"  Wetherbee argued as Citi lowered its price target on the group by $15 to $210 per share. 

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FedEx shares were marked 2.64% lower by mid-afternoon in New York and changing hands at $173.46 each, the lowest since January 30 and a move that would extend the stock's six-month decline to around 30%.

Last month, the company said Raj Subramaniam would replace David Bronczek as president and chief operating officer, a decision it said was "personal" and not a result of any dispute between him and the company or any matter relating to operations.

That departure followed the surprise retirement of Express CEO David Cunningham, would left the Memphis, Tennessee-based company at the end of 2018 after just two years at the helm.

Bank of America analyst Ken Hoexter said at the time that the move was "rapid and, in our view, out-of-character change for a company that is still operated by its Founder, Chairman and CEO Fred Smith" and "could indicate a potential miss on Express operational targets."