FedEx price target raised to $242 from $222 at Stifel

Stifel analyst J. Bruce Chan raised the firm’s price target on FedEx to $242 from $222 and keeps a Buy rating on the shares. The soft operating environment in Q3 led to top line pressure at FedEx, with light revenue vs. the guided range and Street estimates, but early execution on cost-takeouts led to a significant earnings beat and the company also raised full year adjusted EPS guidance, the analyst tells investors in a research note. The firm now has better insights into how the company plans to run a leaner and more efficient network and is more confident that FedEx can achieve its targets by FY25, Stifel says.