Benzinga | Oct 6, 2021 03:43PM EDT

Cowen Cuts FedEx Price Target By ~5%

* Cowen analyst Helane Becker lowered FedEx Corp's (NYSE:FDX) price target to $283 (implying an upside of 27%) from $297 and maintained an Outperform rating on the shares.

* Becker noted that FedEx recently reported disappointing quarterly results, although revenues were up 13.9% as e-commerce demand grew.

* Becker mentions even though stores reopened, consumers continue to order online in increasing numbers and expects this growth to continue, although expenses are being pressured by higher labor and fuel cost.

* Price Action: FDX shares are trading lower by 0.40% at $223.38 on the last check Wednesday.