TD Cowen raised the firm’s price target on FedEx to $320 from $293 and keeps an Outperform rating on the shares. The firm noted they beat Cowen’s earnings estimates due to strong cost control as revenue was below forecast. Management continues to focus on their DRIVE cost-cutting program as they restructure operations to improve margins and profitability and also announced a new $5B share buyback program.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
