KeyBanc Upgrades FedEx (FDX) to Overweight
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(Updated - April 13, 2021 6:16 AM EDT)
KeyBanc analyst Todd Fowler upgraded FedEx (NYSE: FDX) from Sector Weight to Overweight with a price target of $350.00.
The analyst comments "Overall, we view the current environment including constrained air cargo capacity as highly conducive to near-term results, and are encouraged with strengthening Ground yields and e-commerce trends supporting improved density with respect to B2C shipments. Further, with recent airfreight datapoints more resilient than anticipated, we expect Express margins to benefit, with leverage to ongoing economic recovery. Our $350 price target represents 17x our FY22 of $20.70 compared to a five-year median multiple of 15x, which we view as reasonable given strong Ground volume growth and potential margin improvement from pricing initiatives."
Shares of FedEx closed at $290.79 yesterday.
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