SUPL

Image: FedEx’s revenue faced significant pressure during its second quarter of fiscal 2023. Image Source: FedEx By Brian Nelson, CFA On December 20, FedEx Corp (FDX) didn’t deliver what investors wanted when it issued its fiscal second-quarter results for its fiscal 2023. Though the firm’s non-GAAP earnings per share came in slightly better than the consensus forecast, the company’s top line missed by a large margin, declining ~3% on a year-over-year basis. We recently lowered our fair value estimate of FedEx to $214 per share from $293 per share, but even this reduced estimate may be a bit too bright given our growing concerns over its fiscal 2025 targets. We continue to be cautious on shares of FedEx in light … Read more