BMO Capital analyst Fadi Chamoun raised the firm’s price target on FedEx to $210 from $180 but keeps a Market Perform rating on the shares. The analyst states that the company’s execution against the cost savings program suggests that earnings this cycle may have bottomed in FY23. The firm adds however that visibility into a sustained recovery for FedEx remains limited, with leading demand indicators seen as "subdued" across most developed economies and with excess supply in the air freight market expected to remain a source of pressure on air freight rates.
Published first on TheFly
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