Stifel Boosts PT on FedEx (FDX) to $186 Following Q1 Report; Says Performing Well in Challenging Macro Environment
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Stifel boosts its price target on Buy-rated FedEx (NYSE: FDX) from $179 to $186 following FQ117 results on Tuesday night.
Analyst David Ross commented today,
While we believe the Street was cautious going into the quarter due to a weak macro backdrop, FedEx showed that e-commerce growth, while bad for some, is (still) good for them. The only growth we are seeing across our coverage right now is in e-commerce and private fleet outsourcing.
Our Buy rating on FedEx has been premised both on relative valuation and the fact that it is one of the few companies with improving density, pricing power, and industry volume growth. With its F1Q17 report, we expect the multiple to expand, as estimates appear more reasonable. Furthermore, we believe the company's TNT positive commentary erases some of the uncertainty overhang that lingered after the F4Q16 call in June. FDX remains our favorite large-cap idea.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Morgan Stanley Downgrades Shopify (SHOP) to Equalweight Following Recent Gains
- eBay's (EBAY) Might be Best Story in Internet, Says Deutsche Bank; Analyst Raises Rating to 'Buy'
- UBS Cuts Price Target on Platform Specialty Products (PAH) Following Investor Day
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!