FedEx price target raised to $190 from $165 at Citi

Citi analyst Christian Wetherbee raised the firm’s price target on FedEx to $190 from $165 and keeps a Neutral rating on the shares. Heading into the company’s fiscal Q3 results later this month, the analyst thinks "earnings are likely fine" relative to FedEx’s $2.75-plus earnings per share target. As such, he raised his Q2 estimate to $2.85 from $2.76. However, Wetherbee is concerned about the Q3 earnings guide. Currently the consensus is modeling an improvement sequentially, which is counter to seasonality, Wetherbee tells investors in a research note. He thinks the risk of another guide down is elevated.