Stock price when the opinion was issued
He sold it at $295 recently. Loves the company, but earnings revisions came down. He bought at $262. He may re-buy it if the price and valuation are right. FedEx is a dominant player and the management team proves they can execute. The founder family still owns a lot of shares, and such families don't make crazy decision to preserve their stake. Also, cost savings and a huge share buyback are plusses. Also, they have fewer unionized employees than UPS.
Buy during negative sentiment? Moodys just upgraded FedEx. Global trade is under pressure, so that's a headwind. Also, Amazon could very well build their own delivery network for certain parts of their operation. They manage to build AWS, in comparison. So, Amazon is a greater worry to FedEx. So, he's cautious about FedEx.