FedEx Crushes Earnings as Revenues Soar From Stay Home Economy and Bargain Fuel Prices


FedEx upgraded to Overweight after earnings beat at JPMorgan

JPMorgan analyst Brian Ossenbeck upgraded FedEx to Overweight from Neutral with a price target of $188, up from $145.

The company last night posted a “solid” earnings beat in tough conditions while the investment thesis is simplified for an economic recovery without fiscal 2021 guidance, Ossenbeck tells investors in a research note. Ground’s margin gains appear supported by structural initiatives over the last year and Express weathered the collapse in business-to-business better than expected, says the analyst.