FedEx price target raised to $272 from $260 at UBS

UBS analyst Thomas Wadewitz raised the firm’s price target on FedEx to $272 from $260 and keeps a Buy rating on the shares. FedEx’s earnings guidance for FY24 highlighted what they expect to be an $800M operating income headwind in the international export business, with pressure due to both rising supply and weak demand, the analyst tells investors in a research note. While guidance is lower than expected, it still reflects significant improvement in their cost performance, UBS says.