The Fly

FedEx price target raised to $130 from $125 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker raised the firm’s price target on FedEx to $130 from $125 and keeps an Equal Weight rating on the shares ahead of the company’s Q2 report, telling investors that FedEx should benefit from "a cleaner slate and a lower bar" in Q2 after a fiscal Q1 report "to forget." While Shanker expects Q2 EPS to come in above consensus, the analyst noted that the firm’s FY23 EPS estimate of $12.83 is "comfortably below" the consensus forecast of $14.31.

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