Core Viewpoint - FedEx's stock price declined in pre-market trading after Evercore ISI downgraded its rating from "Outperform" to "In Line" due to ongoing demand headwinds that may pose greater risks to short-term earnings per share (EPS) expectations [1] Group 1: Rating Downgrade - Evercore ISI has lowered FedEx's target price from $249 to $243 [1] - The downgrade reflects concerns over persistent demand challenges facing FedEx [1] Group 2: Factors Affecting Performance - Two main factors are expected to exert additional pressure on FedEx: the global phase-out of de minimis exemptions and unresolved volume issues in FedEx Freight [1] - Analyst Jonathan Chappell indicated that while FedEx could mitigate some revenue impacts through network restructuring related to the "2.0 network," the cost-saving benefits are likely to materialize in the second half of the year [1] Group 3: Stock Performance - As of the report, FedEx's stock price fell by 0.5% in pre-market trading, with a 52-week price range of $194.30 to $308.53 [1] - FedEx is scheduled to release its earnings report after the market closes on September 18 [1]