6 big analyst picks: Stifel says FedEx stock is a buy | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Mar 16, 2023 04:58AM ET
Updated Mar 16, 2023 07:10AM ET
By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst picks you may have missed on InvestingPro since yesterday.
FedEx rises on Stifel upgrade to Buy: 'Too much opportunity to ignore'/h2
Stifel upgraded FedEx (NYSE:FDX) to Buy from Hold and raised its price target to $222.00 from $171.00, saying there is "too much opportunity to ignore" despite execution risks.
"Two significant tranches of cost savings present material potential upside to current Street estimates, even with a healthy haircut," said Stifel in a note. "There is still plenty of wood to chop, in our view, but pull forward of some of the cost savings measures and news flow around early progress on some of these initiatives gives us a baseline level of comfort that the management is serious about making things happen."
Stifel also noted FedEx's "rocky finish to 2022" and said macro risks remain, along with the need for "a lot of heavy lifting when it comes to operational improvement." It also said the company's fiscal Q3 earnings results, set for release today after the market close, should be the year's weakest: The analyst consensus calls for earnings of $2.76 per share, down sharply from $4.64 a year earlier.
Other analysts are less optimistic: On the share surge since mid-December, Morgan Stanley said, "We do not believe the optimism is yet justified."
FedEx shares were recently up 1.3%.
As always, InvestingPro subscribers got this news first.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.