JP Morgan Chase raised FedEx’s price target to $265 (17.4% upside potential) from $225 and reiterated a Buy amid expectations that the delivery giant’s 1Q results will surpass Street estimates for the second straight quarter on September 15. Shares closed 2.2% higher on Wednesday.
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JP Morgan analyst Brian Ossenbeck increased FedEx’s (FDX) earnings estimates for fiscal 2021 and 2022 on expectations of a stronger than previously expected airfreight market and higher base rate.
For 1Q, Wall Street is projecting the company to report revenues and adjusted EPS of $17.5 billion and $2.52, respectively. (See FDX stock analysis on TipRanks).
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 16 Buys and 8 Holds. With shares up 49.3% year-to-date, the average price target of $200.96 implies downside potential of about 11% to current levels.
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