UBS Reiterates Buy Ahead of FedEx's (FDX) 1Q Earnings Report
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UBS reiterated a Buy rating and $187.00 price target on FedEx (NYSE: FDX) ahead of the company's 1Q earnings report. UBS is expecting FDX to provide additional information on the impact of TNT including F17 EPS guidance with a modestly dilutive impact from TNT.
Analyst Thomas Wadewitz commented, "Our analysis indicates that the macro environment for FDX was likely stable in 1QF17 for FDX and similar to the environment in 4QF16. This is based on looking at the ISM PMI on average during 1Q and 4Q and also looking at IP Manufacturing and Retail Sales y/y. Jet fuel prices have been stable sequentially in 1Q vs 4Q (at ~$1.55/gal including taxes / loading charges) and in line with our forecast. While we don’t have clear visibility we believe there is room for upside relative to Consensus of $2.78/share and we are maintaining our estimate of $2.86/share."
Shares of FedEx closed at $160.07 yesterday.
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