FedEx price target raised to $295 from $285 at Citi

Citi raised the firm’s price target on FedEx to $295 from $285 and keeps a Buy rating on the shares. The analyst increased estimates ahead of the company’s fiscal Q1 earnings on September 20. FedEx likely benefitted from some market share gains in Ground related to UPS’s teamster negotiation and in Freight from the closure of Yellow mid-quarter, the analyst tells investors in a research note. As such, Citi believes the share setup is “compelling” with likely upside to fiscal Q1 estimates and potentially some upside to the fiscal 2024 guidance. FedEx remains a top pick in transportation at Citi.