FedEx price target raised to $305 from $233 at BofA

BofA raised the firm’s price target on FedEx to $305 from $233 and keeps a Buy rating on the shares as the firm has raised its FY23, FY24 and FY25 EPS estimates by 5%, 6% and 6%, respectively, as the firm sees cyclical and structural cost reductions materializing following the company’s fiscal Q3 report and guidance bump. The firm also raised its multiple as it believes FY23 represents trough earnings.