** Morgan Stanley cuts price target on global delivery company FedEx Corp FDX.N to $160 from $230; reiterates "underweight" rating

** New PT represents a ~51% downside to stock's last close

** Brokerage continues to see structural headwinds in the parcel space with the market moving away from long-distance, higher-margin shipments to short-distance, cheaper deliveries with growing competition

** Adds that Amazon AMZN.O has already disrupted parcel delivery, and by expanding into full-service freight logistics, it poses an even bigger competitive threat to shipping and air cargo companies

** Median PT of 29 brokerages covering the stock is $402 - data compiled by LSEG

** As of last close, stock up ~41% YTD