On Monday analysts at Citigroup reiterated the "Buy" rating for parcel courier giant FedEx Corporation ( FDX ), but lowered its price target and future estimates.
The new valuation for FedEx at Citigroup is $103, a +15% increase from Friday's closing price of $89.53.
Citigroup's new outlook on FedEx is due to their expected headwinds in the express delivery market.
FedEx shares were flat in premarket trading on Monday. The stock is up +7.21% year-to-date.
The Bottom Line
Shares of FedEx ( FDX ) have a .63% dividend yield, based on Friday's closing stock price of $89.53. The stock has technical support in the $84-$85 price area. If the shares can firm up, we see overhead resistance around the $93-$95 price levels.
FedEx Corporation ( FDX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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