Morgan Stanley cuts FedEx PT amid rising competition
BUZZ-Morgan Stanley cuts FedEx PT amid rising competition ** Morgan Stanley cuts price target on global delivery company FedEx Corp FDX.N to $160 from $230; reiterates "underweight" rating
** New PT represents a ~51% downside to stock's last close
** Brokerage continues to see structural headwinds in the parcel space with the market moving away from long-distance, higher-margin shipments to short-distance, cheaper deliveries with growing competition
** Adds that Amazon AMZN.O has already disrupted parcel delivery, and by expanding into full-service freight logistics, it poses an even bigger competitive threat to shipping and air cargo companies
** Median PT of 29 brokerages covering the stock is $402 - data compiled by LSEG
** As of last close, stock up ~41% YTD
(Reporting by Megavarshini G. Somasundaram in Bengaluru)
((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))
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