UPDATE: Stifel Resumes FedEx (FDX) at Buy
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(Updated - June 21, 2021 4:33 PM EDT)
Stifel analyst J. Bruce Chan resumes coverage on FedEx (NYSE: FDX) with a Buy rating and a price target of $339.00.
The analyst commented, "We are resuming coverage of FedEx with a Buy rating and target price of $339. We believe FedEx is in a strong position to capitalize on secular macroeconomic tailwinds, including a significant pull-forward of global e-commerce trends. Capital investment, if implemented carefully, can help to offset the higher cost to serve for residential shipments, especially if paired with disciplined pricing and revenue quality management. Right now, we are seeing good indications of progress, aided by a tight capacity dynamic and a disciplined competitive environment. Moving into 2022, integration of the TNT network should allow FedEx to begin focusing externally and growing its commercial opportunity in the attractive, high-margin European cross border market. Furthermore, we believe that relative valuation is attractive in light of growth opportunities."
Shares of FedEx closed at $285.32 yesterday.
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