BofA analyst Ken Hoexter upgraded FedEx to Buy from Neutral with a price target of $233, up from $204. BofA is more confident in FedEx’s outlook as it reduces excess capacity and enhances productivity, the analyst tells investors in a research note. The firm thinks the headcount reductions could be a roughly 40c tailwind to quarterly EPS, and thinks its aspirational targets are moving closer to reality.
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Published first on TheFly
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