FedEx Extending Sell-Off On Downgrade By Bank Of America Merrill Lynch

(RTTNews) - Extending the sell-off seen over the past few sessions, shares of FedEx Corp. (FDX) have seen significant weakness during trading on Monday. After hitting its lowest intraday level in well over a year, FedEx is currently down by 3.8 percent.

The continued drop by FedEx comes after Bank of America Merrill Lynch downgraded its rating on the delivery giant to Neutral from Buy and cut its price target to $220 per share from $304 per share.

Bank of America Merrill Lynch said last week's surprise departure of the head of FedEx' Express unit could signal a "reduction or delay in its profit improvement target."