FedEx (FDX) PT Raised to $242 at Stifel
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Stifel analyst J. Bruce Chan raised the price target on FedEx (NYSE: FDX) to $242.00 (from $222.00) while maintaining a Buy rating.
The analyst commented, "As we previewed earlier this week, a soft operating environment in F3Q23 led to top line pressure at FedEx, with revenue of $22.2bn—$1b light vs. the guided range and Street estimates. But early execution on cost-takeouts led to a significant earnings beat, with adjusted EPS of $3.41 versus the $2.72 consensus, and our $2.59 estimate. The company also raised full year adjusted EPS guidance from $13.00-14.00 to $14.60-15.20, 10% at the midpoint. While the volume and broader economic outlook remain uncertain, and timing for delivery of the remainder of the company's cost savings initiatives is still a bit fuzzy, we have incrementally better insights into how the company plans to run a leaner and more efficient network, and thus more confidence that it can achieve these targets by FY25. We expect significantly more color to come at the April 5 DRIVE update."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
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