- The shares of FedEx Corporation (NYSE: FDX) have received a $295 price target from Stephens. These are the details.
The shares of FedEx Corporation (NYSE: FDX) have received a $295 price target from Stephens. And Stephens analyst Jack Atkins increased the price target from $285 while maintaining an “Overweight” rating on the shares.
Atkins adjusted the rating upon increasing the FY23 adjusted EPS forecast following the company’s fourth-quarter report. And Atkins adjusted the EPS forecast following the company’s fourth-quarter report.
Plus Atkins pointed out that there remains significant investor skepticism that the company’s strategic focus has changed. But Atkins believes that at the analyst day, FedEx should give a clearly articulated strategy focused on enhancing profitability, returns on capital, and shareholder value.
Going forward, Atkins added that the macro economic overhang will likely prevent the company from getting credit for a better than expected 2023 guidance and suspects that a rosy multiyear outlook next week will be met with the same reaction.
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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