How FedEx Made 'A Solid Start to FY24': Analysts Dive Deeper Into Print, Guidance
Portfolio Pulse from Priya Nigam
FedEx Corp (NYSE:FDX) shares spiked after the company reported its quarterly results and gained market share. Analysts from Morgan Stanley, Stephens, and Oppenheimer provided their insights on the earnings release. Morgan Stanley maintained an Equal-Weight rating and raised the price target from $200 to $205. Stephens reiterated an Overweight rating and a price target of $290. Oppenheimer reaffirmed a Perform rating on the stock. FedEx's earnings beat was driven by FedEx Ground, which reported an operating margin of 13.3% due to stronger volumes.
September 21, 2023 | 4:29 pm
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POSITIVE IMPACT
FedEx reported a strong Q1, driven by FedEx Ground's stronger volumes. Analysts from Morgan Stanley, Stephens, and Oppenheimer provided positive insights, with price targets raised and ratings maintained or reiterated.
FedEx's strong Q1 results and the positive insights from analysts are likely to boost investor confidence, potentially driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
FedEx's market share gains may have been influenced by United Parcel Service's labor negotiations. The impact on UPS is not directly stated.
While FedEx's market share gains could potentially impact UPS, the article does not provide direct evidence of this. Therefore, the short-term impact on UPS's stock is uncertain.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50