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CS First Boston Downgrades FedEx to 'Neutral'


CS First Boston downgraded package-delivery company FedEx (FDX) to neutral from outperform.

Analyst Gary Yablon says he thinks rival United Parcel will announce its rate increases soon. He also believes rate increases are lower than he was expecting and what UPS has rolled out in the past. He believes UPS is being more defensive on its share position, which is causing him to reconsider his estimates for FedEx Ground growth rates and profitability.

Yablon says FedEx is at his $75 target. He downgraded based on valuation and changes in the overall marketplace, which may slow the company's growth rate He is keeping the $3.26 fiscal 2004 (May) earnings per share estimate, and the $4.17 fiscal 2005 estimate.


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