FedEx stock rises after analyst urges investors to buy ahead of earnings

Shares of FedEx Corp. rose Thursday after Stifel Nicolaus analyst Bruce Chan boldly urged investors to buy just before the package delivery company reports earnings, saying there is “too much opportunity” for investors to ignore.FedEx is scheduled to report... Shares of FedEx Corp. rose Thursday after Stifel Nicolaus analyst Bruce Chan boldly urged investors to buy just before the package delivery company reports earnings, saying there is “too much opportunity” for investors to ignore.

He raised his rating to buy, after being at hold for the past six months, and lifted his stock price target to $222 from $171. The upgrade before earnings is a bold move for Chan. His previous downgrade to hold on Sept. 16, 2022, came after FedEx issued a profit and revenue warning that sent the stock plunging a record 21.4% that day.

For FedEx’s second quarter, the company beat profit expectations but fell short on revenue, with its Express, Ground and Freight segments all missing expectations.

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Source: WSJ - 🏆 98. / 63 Read more »