- The shares of FedEx Corporation (NYSE: FDX) have received a $284 price target from JPMorgan. These are the details.
The shares of FedEx Corporation (NYSE: FDX) have received a $284 price target from JPMorgan. And JPMorgan analyst Brian Ossenbeck increased the price target on FedEx from $279 while maintaining an “Overweight” rating on the shares.
Ossenbeck adjusted the rating while noting the shares are expected to modestly outperform following another messy quarter. And the freight strength offset continued struggles on “Ground” while fuel was the largest contributor to yield.
Plus Ossenbeck is taking a more constructive stance on Freight in fiscal 2023. And FedEx will need to outline and deliver synergies from TNT while showing progress on structurally improving Ground margins to earn a higher multiple.
FedEx reported a Q4 EPS of $6.87, which was $0.01 lower than the analyst estimate of $6.88. And the revenue for the quarter was $24.4 billion compared to the consensus estimate of $24.47 billion. In terms of guidance, FedEx expects a 2023 EPS of $22.50-$24.50, compared to the consensus of $22.41.
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