UPDATE: Deutsche Bank Raises FedEx PT to $127 on FY2014 Bottom-Line Growth

Deutsche Bank published a report Wednesday, as analyst Justin Yagerman reiterated his Buy rating for FedEx

and increased its price target from $125 to $127. Yagerman wrote, "While FQ4 guidance of $1.90-2.10 disappointed our prior estimate of $2.26 and Consensus of $2.13, we continue to see a favorable setup for FY2014 as the company should benefit from cost savings associated with its voluntary buyout program (DBe is expecting roughly $200 million of savings next year), better performance at Freight, the tailwinds from its initiative to use more third-party linehaul on airfreight traffic, and secular e-commerce growth at Ground. As a result, we see over 30% y/y bottom-line growth and over $8.00 of EPS in FY2014" FedEx closed Wednesday at $99.13