FedEx price target raised to $234 from $196 at Evercore ISI

Evercore ISI analyst Jonathan Chappell raised the firm’s price target on FedEx to $234 from $196 and keeps an Outperform rating on the shares as the firm previewed fiscal Q3 earnings due on March 16. Ahead of the report, the firm is lowering its Q3 EPS estimate modestly to $2.78 from $2.89 to reflect reductions to Express and Freight volumes, but it is also raising its FY24 EPS forecast to $17.30 from $17.00 to incorporate more of the permanent cost reductions announced in December. Cost cutting is likely to be further detailed in the March earnings release and Drive Day on April 5, Evercore added.