FedEx price target raised to $291 from $276 at Evercore ISI

Evercore ISI analyst Jonathan Chappell raised the firm’s price target on FedEx to $291 from $276 and keeps an Outperform rating on the shares after fiscal Q1 adjusted EPS of $4.55 “blasted through” the firm’s forecast of $3.53 and the average Street estimate of $3.71. The firm is raising its FY24 EPS estimate to $18.16 from $17.80, while trimming its FY25 projection to $21.96 from $22.63 on a more modest revenue outlook for the coming quarters. Following what Evercore calls “the ideal thesis-confirming quarter,” FedEx remains the analyst’s top pick.