We now estimate FedEx’s Valuation to be $236, reflecting a 7% upside from its current levels of $220. FedEx, in fiscal Q1, announced its plans to reduce costs, including shutting down some of its offices, cutting its flight frequencies, and canceling some of its network capacity projects, among other actions. Furthermore, there are near-term headwinds with fears of a recession in 2023, high inflation, rising interest rates, and a strengthening dollar, which is likely to weigh on the overall earnings for FedEx in the near term.