PREVIEW: FedEx shares jump with broader market; results due after the bell

Amsc ASA

19/09/2024 18:40

** Shares of FedEx Corp  FDX.N  were up about 2% at $304.21 on
Thurs as the broader market rallied, with the package shipping
co due to report its quarterly results after the closing bell
    ** Analysts expect the co's quarterly rev to rise to $21.93
bln vs $21.68 bln in the yr-ago period, and they expect it to
post EPS of $4.76/shr vs $4.55 a yr ago, according to LSEG
    ** The company has beaten analysts' earnings expectations in
six of the past eight reporting periods, per LSEG
** This week, Raymond James and BofA cut their price targets on
FDX, while Bernstein raised its target price; BofA cited
expectations of a subdued demand environment in the U.S.
** FedEx is June forecast fiscal 2025 profit above analysts'
estimates, and executives said slashing expenses and
consolidating operations would bolster returns even as demand
remained weak for package deliveries
    ** FDX options imply a 7.1% swing for the shares, in either
direction by Friday, per Trade Alert data, in line with the
stock's avg move on the day after results over the last eight
qtrs
    ** The median 12-mo price target on the stock is $331.33,
based on LSEG data
    ** Of the 32 analysts who cover FedEx, 23 rate it a "strong
buy" or "buy," eight rate it a "hold" and one rates it a "sell,"
based on LSEG
    ** Including the session move, FedEx is up 21% YTD vs a
roughly 20% gain in the S&P 500  .SPX 

(Reporting by Caroline Valetkevitch; additional reporting by
Saqib Iqbal Ahmed)
((mailto:caroline.valetkevitch@thomsonreuters.com))