On June 4, FedEx rose 3.01% in regular trading, trading at $334.22/share, with trading volume of $208 million. The stock rebounded following a pullback on June 2 after the company officially completed the spin-off of its less-than-truckload freight business on June 1.
FedEx Freight Holdings began trading independently on the NYSE and was added to the Dow Jones Transportation Average on June 1, replacing American Airlines Group, and joined the S&P 500 on June 2. JPMorgan upgraded FedEx to Overweight with a target price raised to $460 from $432, citing the freight spin-off completion and the upcoming Q4 fiscal earnings release on June 23 as two key catalysts. However, Morgan Stanley slashed its target price to $160 while maintaining an Underweight rating, and Bank of America lowered its target from $440 to $376 while keeping a Buy rating. HSBC also cut its target to $289.89 from $360. FedEx retains a 19.9% stake in the spun-off entity, with plans to divest within 24 months. Market focus now shifts to the June 23 quarterly earnings report, with consensus EPS expectations at $5.84.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments