FedEx price target raised to $290 from $260 at JPMorgan

JPMorgan raised the firm’s price target on FedEx (FDX) to $290 from $260 and keeps an Overweight rating on the shares following the fiscal Q4 report. The firm expects the shares will underperform after management did not provide an initial full-year outlook for the only time over the last 13 years, while providing Q1 guidance that was well below consensus. There are also several questions not addressed on the earnings call, including the potential impact of the new Amazon big and bulky contract win, who will lead the Network 2.0 integration with John Smith moving over to Freight as CEO, and how much structural Drive cost savings remain in Q1, the analyst tells investors in a research note. JPMorgan rolled forward estimates and established a December 2026 target, but recognizes FedEx “is effectively a levered option on global trade dynamics, which remain uncertain and volatile.”