To be sure, iconic FedEx (NYSE: FDX) isn't a 'back up the truck' play, but it is a suitable position for investors who can tolerate moderate risk. Here's why: One could make a strong case that FedEx deserves to trade at the low end of it valuation, at a p/e of 10 or 12, instead of the current 21, given weak demand, and a probable, continued drop in package delivery volume in Q2 and Q3, but institutional investors aren't likely to take that stance.
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