Wells Fargo upgraded FedEx (FDX) to Overweight from Equal Weight with a price target of $380, up from $295. The firm expects FedEx to issue multi-year financial targets above consensus consensus and a path to potentially as much as $30 in earnings per share or the combined company through fiscal 2029. The company can achieve this through “self-help,” rational pricing power, a cyclical tailwind and capital returns, the analyst tells investors in a research note. Wells views the company’s investor day and upcoming results as catalysts for the stock.
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