Why FedEx Shares Are Trading Higher Today

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Why FedEx Shares Are Trading Higher Today

Benzinga2021-04-27

FedEx shares are trading higher in sympathy with UPS, which reported better-than-expected Q1 EPS and sales results. Berenberg also maintained a Buy rating on FedEx and raised its price target from $340 to $350.

UPS, a peer company of FedEx, reported Q1 sales of $22.90 billion, which beat the consensus estimate of $20.49 billion.

In its fiscal 2020, FedEx derived 51% of revenue from its express division, 33% from ground, and 10% from freight; its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping and FedEx Logistics, which provides global forwarding.

FedEx stock was trading 5.62% higher at $291.09 at the time of publication. The stock has a 52-week low of $103.40 and a 52-week high of $305.66.

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Benedictwh
·2021-04-27
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