FedEx price target raised to $300 from $295 at Citi

Citi analyst Christian Wetherbee raised the firm’s price target on FedEx to $300 from $295 and keeps a Buy rating on the shares post the fiscal Q1 report. The fiscal 2024 guidance is “reasonably conservative,” the analyst tells investors in a research note. The firm believes DRIVE and Freight will be better in Q2 through Q4, at least offsetting potential headwinds from UPS winning back some share. With potential for future guidance raises more likely, FedEx’s “solid results” across segments are “quite encouraging,” says Citi.