UBS Reiterates Buy on FedEx (FDX) Following Strong 4Q Earnings
UBS reiterated a Buy rating and $187.00 price target on FedEx (NYSE: FDX) following the company's 4Q earnings report. FDX reported an EPS of $3.30 which was slightly better than Consensus of $3.28/share. The company also provided a guidance range for F17 EPS of $11.75 to $12.25 with the midpoint of $12/share about 1.4% below Consensus of $12.17.
Analyst Thomas Wadewitz commented, "On Tuesday night FDX reported upside 4QF16 EPS of $3.30/share which was above our estimate of $3.22 and slightly better than Consensus of $3.28/share. Express provided the growth engine with operating income rising 27% y/y while Ground operating income grew 9% and Freight was essentially flat. FDX's domestic overnight volumes (+2.8% y/y) and Ground (+10.5% y/y) were favorable while deferred air volumes -6.4% were weak and total international export volume was off slightly at -0.5% y/y."
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Shares of FedEx closed at $163.95 yesterday.