Wells Fargo raised the firm’s price target on FedEx to $270 from $240 and keeps an Equal Weight rating on the shares. The firm is also lowering its Q1 2024 estimates to $3.86 from $4.01, but increasing its 2024/2025 EPS estimates to $17.60/$22.35 from $17.50/$21.50. Share reversion and macro pressure are headwinds, but LTL and DRIVE should offset, Wells argues.
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