FedEx stock is lower on Thursday, as Citigroup warned that investors may need to be a bit more patient with the logistics giant.
Both companies were hit by the fourth-quarter selloff, but their problems are deeper than that. FedEx and UPS have had to invest heavily to increase capacity, all while Amazon.com is testing its own delivery options. A lowered outlook for FedEx for the year didn’t do much to reassure investors, either.What’s new. Citi’s Christian Wetherbee reiterated a Buy rating on FedEx on Thursday, but lowered his price target by $15 to $210.
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