FedEx price target raised to $251 from $228 at JPMorgan

JPMorgan raised the firm’s price target on FedEx (FDX) to $251 from $228 and keeps a Neutral rating on the shares following the company’s fiscal Q4 report. The firm believes the FY24 guidance is “a reasonable starting point given all the cross-currents,” but also argues that FedEx has “a long road ahead to build up credibility with those who remain on the sidelines.” JPMorgan expects FedEx shares will modestly underperform UPS (UPS) and the industrial sector after the market digests the moving parts within the FY24 guidance and Q4 results, the analyst added.