Morgan Stanley analyst Ravi Shanker raised the firm’s price target on FedEx (FDX) to $230 from $220 and keeps an Underweight rating on the shares. Fiscal Q3 was a roughly 20% beat as the company “reaped peak season rewards,” but the big disparity between segment results, fiscal Q4 implied guidance below consensus and questions around sustainability lead the firm to have concerns about heightened earnings volatility and limited visibility on normalized EPS, the analyst tells investors.
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