According to Berenberg, FedEx stock is a “tell me story” until the company proves it can execute its turn-around strategy. Analyst William Fitzalan Howard downgraded FedEx stock to buy, saying in a note Thursday that the company is trying to improve as earnings risks and inflationary pressures increase. “FedEx stock has had something to celebrate over the past few weeks, after the company’s change of CEO and the apparent influence of an activist investor prompted a number of strategic shifts. raised hopes that this week’s capital markets day (CMD) could mark a write Howard. Strategically, we think the stock may take a pause until the macroeconomic outlook becomes clearer.” Berenberg also cut his price target to $275 from $330, a near-term drop. 17%. The new price target is about 20% higher than the stock’s closing price on Thursday. The company expressed skepticism that management will meet its goals and guidance for the fiscal year. by 2023, as costs rise and the initial boost during the pandemic fades. “Given the company’s mixed track record of performance, we think investors are unlikely to deliver. Incubate management the benefit of the doubt – the trajectory of improvement will remain a ‘show me story’ for a while,” reads the note. Shares of FedEx fell more than 1% in pre-market trading on Friday. — Michael Bloom of CNBC contributed to this report.