FedEx price target raised to $200 from $186 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker raised the firm’s price target on FedEx (FDX) to $200 from $186 and keeps an Equal Weight rating on the shares. The firm, which expects FedEx to come in just above consensus at the EBIT level in fiscal Q1, notes that both of its segment beats reflect an expectation for the company “to make hay of several disruptive events in the quarter,” citing UPS (UPS) labor negotiations and the Yellow (YELL) Chapter 11 filing. However, “it remains to be seen how sustainable these gains will be” as the sequential comp “could get tougher from here,” the analyst tells investors in an earnings preview note.