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Before the earnings release, Wall Street's outlook was notably negative. Many analysts took a bearish stance amid fears of an economic slowdown impacting the shipping and logistics sector. Bank of America downgraded FedEx from 'Buy' to 'Neutral' just last week amid broader industry concerns. Similarly, Evercore ratcheted down its rating from 'Outperform' to 'In Line' three days prior, citing worries over economic conditions.