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FedEx price target raised to $368 from $321 at Stifel
The Fly

FedEx price target raised to $368 from $321 at Stifel

Stifel analyst J. Bruce Chan raised the firm’s price target on FedEx (FDX) to $368 from $321 and keeps a Buy rating on the shares after the company reported Q2 adjusted EPS slightly ahead of consensus, but below the firm’s estimate, and annual EPS guidance was reduced “again” to $19-$20 from $20-$21. However, the company is still targeting $2.2B in annual DRIVE program cost savings and it did announce a decision to spin the company’s “industry-leading” LTL division. As a standalone entity, the firm sees “a significant opportunity to unlock the valuation differential between FedEx Freight and similarly-situated peers,” the analyst tells investors.

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