Deutsche Bank reiterated their buy rating on shares of FedEx Corp. (NYSE:FDX) in a research report sent to investors on Thursday morning, AR Network reports. The firm currently has a $131.00 price target on the stock, up from their previous price target of $123.00.
“Yesterday, FDX reported FQ1 EPS of $1.53, well above our estimate of $1.35 and Consensus of $1.50. Upside was driven by cost reductions at Express and operating leverage to better-than-expected Express volumes (Domestic ADV were up 1.5% y/y [vs. DBe of flat y/y] and IP ADV increased 3.6% y/y [above our estimate of up 1.0% y/y]). Despite worse-than-expected pricing at both Domestic Express and International Export, FDX’s cost initiatives drove a nearly 130bps margin beat at Express despite fuel headwinds. We are buyers on yesterday’s strength (up 5% vs. a 1.2% increase in the S&P 500) as FDX is poised to benefit from its self-help initiatives and an improving economy.,” Deutsche Bank’s analyst commented.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. downgraded shares of FedEx Corp. (NYSE:FDX) from a buy rating to a neutral rating in a research note to investors on Thursday. They now have a $116.00 price target on the stock, up previously from $112.00. Separately, analysts at Credit Suisse raised their price target on shares of FedEx Corp. (NYSE:FDX) from $108.00 to $115.00 in a research note to investors on Wednesday, September 18th. They now have a neutral rating on the stock. Finally, analysts at Telsey Advisory Group raised their price target on shares of FedEx Corp. (NYSE:FDX) from $115.00 to $125.00 in a research note to investors on Wednesday, September 18th. They now have a not rated rating on the stock.
One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $116.00.
Shares of FedEx Corp. (NYSE:FDX) traded down 1.39% on Thursday, hitting $115.21. The stock had a trading volume of 477,538 shares. FedEx Corp. has a one year low of $83.92 and a one year high of $118.31. The stock’s 50-day moving average is $109.5 and its 200-day moving average is $102.1. The company has a market cap of $36.752 billion and a price-to-earnings ratio of 23.40.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Friday, September 6th.
In other FedEx Corp. news, EVP Robert B. Carter sold 8,842 shares of the company’s stock on the open market in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $116.26, for a total transaction of $1,027,970.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
FedEx Corporation (NYSE:FDX) is a holding company.
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