FedEx price target raised to $346 from $313 at BofA

BofA raised the firm’s price target on FedEx to $346 from $313 and keeps a Buy rating on the shares after the company posted Q3 adjusted EPS above the firm’s target and Street’s estimate. FedEx is on target to achieve $1.8 B in DRIVE savings in FY24 and all-in savings over the next several years represent an $18 per share EPS opportunity, nearly double its current level, the analyst tells investors. The firm increased its FY24, FY25 and FY26 EPS estimates 1% each as it sees momentum in structural cost takeout.