Berenberg downgraded FedEx Corporation (NYSE:FDX) to "hold" from "buy" this morning, calling the security a "show me story," while also slashing its price target to $275 from $330. The firm noted the delivery name's unreliable execution history, as well as rising inflation risks, which could overshadow the company's recent CEO change and new strategy. At last check, FDX is down 1.9% to trade $222.45.
The last time we checked in with FedEx stock, it was about to step into the earnings confessional. The security came just shy of the $250 level after its quarterly report -- its highest level since February -- but pivoted lower shortly afterwards. The shares still have support from their 30-day moving average, though, despite being down 25.3% year-over-year.
Short-term options traders are firmly bearish. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.18, which stands in the 89th percentile of annual readings.
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