FedEx’s outlook is likely better than the dour results from the shipping giant’s Express unit would suggest, Citi analysts say in a research note. “We think it is likely as simple as cyclical trough margins persisting as volume hits cycle lows,” they say. “When the cycle turns (which may be happening now), we think leverage will return.” They add that management’s inability to bolster margins in the segment likely hurts credibility. “We were disappointed in how much management sounded like the ‘old’ FedEx,” they say. FedEx CEO Raj Subramaniam took over last year, succeeding founder and longtime CEO Fred Smith.