UPS - Morgan Stanley Sees Strong Q1 Performance From FedEx Amid Industry Turbulence | Benzinga
Morgan Stanley analyst Ravi Shanker reiterated an Equal-weight rating on the shares of FedEx Corp (NYSE: FDX) and raised the price target from $186 to $200.
The analyst expects F1Q24 to come in just above consensus at the EBIT level and estimated an adjusted EPS of $3.69, in line with consensus of $3.70.
The analyst is 1% above cons. for overall EBIT in 1Q, driven by beats in Ground and Freight offsetting a miss in Express.
Both the segment beat, according to the analyst, would reflect expectations for FDX to make hay of several disruptive events in the quarter, namely United Parcel Service, Inc. (NYSE: UPS) labor negotiations and the Yellow