- The stock price of FedEx Corporation (NYSE: FDX) has received a price target of $325 by Berenberg Bank. These are the details.
The stock price of FedEx Corporation (NYSE: FDX) has received a price target of $325 by Berenberg Bank. And Berenberg Bank analyst William Fitzalan Howard maintained a “Buy” rating on FDX. Howard is expecting FedEx to report earnings per share of $4.64 for the fourth quarter of 2020.
This news comes on the heels of Walmart team up with FedEx on a service called Carrier Pickup by FedEx. Carrier Pickup by FedEx allows Walmart customers to return the products they received. The return option is free for customers. Customers who want to return their purchases can schedule a pickup date and print a label through the Walmart app or website and a FedEx employee will pick it up.
FedEx also reported its quarterly earnings and revenue estimates about a week ago and it was better-than-expected. FedEx had reported $20.6 billion for the quarter, but the company did not provide an earnings forecast for fiscal 2021 due to uncertainty around the pandemic. And the average daily package volume for FedEx Ground increased 29% to 12.3 million for the quarter.
“While the overall environment remains uncertain, we expect earnings growth in the second half of fiscal 2021 driven by the anticipated heightened demand for our services as we continue to execute on our strategic priorities,” said FedEx Chief Financial Officer Michael Lenz.
FedEx was also recently in the spotlight for its efforts around the delivery of Pfizer’s COVID-19 vaccine. FedEx had partnered with the Trump administration’s Operation Warp Speed to ship the vaccines along with UPS.
Disclosure: I have a small FedEx and Walmart position in my stock portfolio.