FedEx (FDX) PT Raised to $147 from $104 at Daiwa Securities Ahead of Earnings

June 11, 2020 7:15 AM EDT
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Price: $227.35 -0.69%

Rating Summary:
    25 Buy, 15 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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Daiwa Securities analyst Jairam Nathan raised the price target on FedEx (NYSE: FDX) to $147.00 (from $104.00) while maintaining a Neutral (3) rating ahead of FedEx’s earnings results scheduled for June 30th. However, he also cut EPS estimates for FY20 and FY21 to $8.60 and $10.50 from $9.60 and $10.90.

The analyst stated "Assuming FY19 represents trough earnings, the stock is trading at 17x trough EPS estimate compared to the 25x traded at historically. Our $147 target continues to be based on FY21 EPS estimates, but we are raising our target multiple to 14x from 9.5x prior. This is in-line with the average P/E over the last 10 years".



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