FedEx price target raised to $250 from $240 at Citi

Citi analyst Christian Wetherbee raised the firm’s price target on FedEx to $250 from $240 and keeps a Buy rating on the shares. Heading into the fiscal Q3 results next week, the analyst thinks the consensus earnings per shared estimate of $2.73 is achievable in the context of normal seasonality plus the beginning of the company’s $1B in net cost reduction for fiscal 2023. The firm sees the share setup of a good Q3 print plus potential upside to Q4 "providing a tailwind to shares ahead of the next catalyst," the Drive Day on April 5.