FedEx price target raised to $186 from $180 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker raised the firm’s price target on FedEx to $186 from $180 and keeps an Equal Weight rating on the shares. While FedEx’s Q4 beat, the stock reaction will likely reflect the FY24 guidance which was 4.5% below consensus at the midpoint, the analyst tells investors in a research note. With cost savings looking relatively in-line, it will come down to revenues to determine where FY24 finally ends up, the firm contends.