UBS raised the firm’s price target on FedEx (FDX) to $312 from $272 and keeps a Buy rating on the shares ahead of the company reporting fiscal Q1 earnings on Wednesday, September 20. While FedEx is still facing weak aggregate demand, the firm highlights three factors that have “become more favorable” since they reported their Q4 earnings – the exit of Yellow (YELL) from the LTL market, a greater than anticipated boost from “diversion” from the UPS/ Teamsters and higher fuel prices that have a greater revenue impact than expense impact – and these are all tailwinds for FedEx in the August quarter, the analyst tells investors.
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