Bank of America Issues Pessimistic Forecast for FedEx Freight (NYSE:FDXF) Stock Price

Key Points

• Bank of America lowered its FedEx Freight price target from $157 to $140 while maintaining a “buy” rating, implying 24.48% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $168.92, despite targets ranging from $133 to $186.
• FedEx Freight shares opened at $112.47, near their 52-week low of $110.50, while several major institutional investors—including State Street and Maple Rock Capital—recently initiated positions.

FedEx Freight (NYSE:FDXF - Get Free Report) had its price target decreased by equities research analysts at Bank of America from $157.00 to $140.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 24.48% from the company's previous close.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on FedEx Freight in a research report on Wednesday, July 1st. They set a "buy" rating and a $186.00 price target on the stock. Sanford C. Bernstein began coverage on shares of FedEx Freight in a research report on Thursday, September 10th. They set a "market perform" rating and a $133.00 price target for the company. Raymond James Financial assumed coverage on shares of FedEx Freight in a research note on Wednesday, June 3rd. They issued an "outperform" rating and a $180.00 target price on the stock. Truist Financial initiated coverage on FedEx Freight in a research note on Tuesday, June 2nd. They issued a "hold" rating for the company. Finally, BMO Capital Markets upped their price target on shares of FedEx Freight from $140.00 to $150.00 and gave the company a "market perform" rating in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $168.92.

FedEx Freight Price Performance

NYSE FDXF opened at $112.47 on Tuesday. FedEx Freight has a 1 year low of $110.50 and a 1 year high of $194.27. The business has a fifty day moving average price of $134.57.

Hedge Funds Weigh In On FedEx Freight

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp bought a new stake in shares of FedEx Freight during the 2nd quarter valued at about $723,747,000. Maple Rock Capital Partners Inc. bought a new position in FedEx Freight in the 2nd quarter worth $68,207,000. Allianz Asset Management GmbH bought a new position in shares of FedEx Freight in the second quarter worth about $50,888,000. National Pension Service purchased a new stake in FedEx Freight during the 2nd quarter valued at approximately $26,648,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new position in FedEx Freight during the second quarter valued at $19,666,000.

About FedEx Freight

FedEx Freight is a less-than-truckload (LTL) transportation company that provides freight shipping services for businesses across North America. Its network transports palletized and other consolidated shipments that do not require a full truckload, serving manufacturers, wholesalers, retailers, distributors and other commercial customers.

The company offers a range of freight solutions, including standard and time-definite LTL delivery, expedited transportation, volume and consolidated freight services, and specialized options for residential or appointment-based deliveries.

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