Berenberg analyst William Howard downgraded FedEx to Hold from Buy with a price target of $275, down from $333. The stock has had “something of a reprieve in the past few weeks, after the company changed its CEO and the apparent influence of an activist investor prompted some strategy changes,” Howard tells investors in a research note. However, with near-term earnings risks “now mounting and mixed prospects for the execution of the strategic review,” the shares may “pause for breath until the macroeconomic outlook becomes clearer,” says the analyst.