Sell FedEx on the Trump economic 'euphoria' and wait for a better entry point, top analyst says

FedEx Corp. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 3, 2016.
Michael Nagle | Bloomberg | Getty Images

Top-ranked analyst David Ross of Stifel on Tuesday downgraded FedEx to hold from buy, advising clients to take profits and wait for a better entry point following the stock's recent rally on Donald Trump's presidential victory.

"While we do not see an imminent global recession — in fact, we believe there could be further market upside due to multiple expansion in the pre-Trump euphoria — FDX has hit our $186 target price, causing us to step to the sidelines rather than raise our estimates for the target multiple," Ross wrote in a research note.

Shares of the delivery company settled at a record $186 on Monday, up 25 percent this year as investors bought the stock on hopes of higher economic growth.