FedEx price target raised to $276 from $275 at Evercore ISI

Evercore ISI raised the firm’s price target on FedEx to $276 from $275 and keeps an Outperform rating on the shares as the firm previews fiscal Q1 earnings that are scheduled to be released after the close on Wednesday. FedEx was “almost certainly a beneficiary of two meaningful events that unfolded within the three months,” namely the labor negotiations of its closest peer that led to market share shifts right up to the eleventh hour, and the bankruptcy/liquidation of one of the largest competitors to FedEx Freight, which “also likely supported both volumes and pricing in that segment,” says the firm, which raised its Q1 EPS estimate to $3.53 from $3.33.