FedEx (FDX) PT Raised to $298 at Stifel

June 27, 2022 4:02 PM EDT
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Price: $230.31 -0.16%

Rating Summary:
    23 Buy, 15 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 29 | New: 13
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Stifel analyst J. Bruce Chan raised the price target on FedEx (NYSE: FDX) to $298.00 (from $291.00) while maintaining a Buy rating following recent earnings.

The analyst commented, "FedEx printed F4Q22 adjusted EPS of $6.87— a hair shy of consensus. Excluding a $46mm one-time tax benefit, adjusted EPS were $6.69, which was closer to our number. The gist of the result was that Express and Ground saw volume pressure partially offset by resilient yield, as well as cost pressure that was partially offset by incremental productivity gains. LTL exceeded expectations substantially, corroborating our view that LTL remains one of the best places to be (relative to the group) right now. But most eyes are focused on the company's Investor Meeting and what major strategic initiatives may come out of it, in our view, especially following recent changes related to activist involvement. The preview is that revenue quality is in focus, as is smarter capital allocation...a rebranding of CEO Carol Tome's Better not Bigger strategy, but that's not a bad thing, in our view. Reiterate Buy."

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