UPDATE: Goldman Sachs Reiterates Buy Rating For Fedex Thinks FY14 Guidance Looks Conservative

In a report published on Thursday analysts at Goldman Sachs reiterated its Buy Rating and $114 PT on

. In the report lead analyst Tom Kim commented that, "We increase our EPS estimates by 1% to 2% for FY14/15. While the market continues to focus on Express, we think the strength of Ground operations may not be fully appreciated. Contributions from the latter have increased to 59% of adjusted operating profits in FY13 and have been on an uptrend, on the back of market share gains and secular growth in e-commerce. We expect Ground to drive EPS growth in FY14, while cost cutting in Express should help improve operating margins going forward. From July, the company has announced plans to rationalize Transpacific services further to adjust for the demand environment." FedEx is currently down 4.46 percent on the day and trades at $96.06