Stifel cut its price target on FedEx (NYSE: FDX) to $308 from $315 while reiterating a Buy rating ahead of the company's fiscal first-quarter 2026 earnings.

The firm said macroeconomic pressures, tariff uncertainty, and changes to the de minimis import rule were likely to weigh on volumes, while consumer caution could dampen the peak shipping season.

Despite these headwinds, Stifel highlighted FedEx's cost-cutting opportunities through its Network 2.0 initiative, which investors would see clearer progress on in the upcoming quarter. Analysts said successful execution could help offset or even surpass demand challenges.

Stifel added that although earnings outcomes carried wide variability, FedEx's current valuation suggested an attractive risk-reward profile. The firm also cited potential upside from an expected upcycle within the next 12 months and the planned 2026 spin-off of FedEx Freight.