FedEx price target raised to $351 from $327 at Evercore ISI

Evercore ISI raised the firm’s price target on FedEx to $351 from $327 and keeps an Outperform rating on the shares. FedEx posted adjusted Q3 EPS that “easily” exceeded the firm’s forecast and the average Street estimate as Express margins came in well ahead of expectations, the analyst tells investors. The firm is raising its EPS forecast and adds that “importantly” as Q3 execution lends more credibility to the cost path going forward, it adds a turn to its target multiple.