FedEx price target raised to $284 from $261 at Bernstein

Bernstein analyst David Vernon raised the firm’s price target on FedEx to $284 from $261 and keeps an Outperform rating on the shares. The firm notes FedEx reported stronger than expected FY23 results, but the headline guidance for FY24 was 5% below consensus. While technically a guide down, Bernstein thinks underlying earnings are growing faster than the headline suggests and believes the company is doing enough on the cost side to keep the stock moving.