BofA Securities lowered its price target on FedEx Freight, citing expectations for weaker shipment volumes. The firm now expects shipments per day to decline 3.0% in the third quarter. It forecasts a 1.0% decline in the fourth quarter. BofA previously forecast 1.5% growth in both quarters. FedEx stock fell in premarket trading after the report.
Separately, FedEx announced an order for 131 vehicles from DAF Trucks for its European fleet. The order includes 100 tractor units for UK operations and 11 for the Netherlands. It also includes 20 vehicles for the long-distance fleet in France. This is the first time DAF trucks will be added to FedEx’s French operations.