Jesup & Lamont Raises Price Target to $90 for FedEx Corporation (NYSE:FDX)
November 18, 2009 10:14 AM
Today, Jesup & Lamont have reiterated their "Buy" rating for FedEx Corporation (NYSE: FDX) and raised the Price Target to $90.00.
Following are the comments made by the Firm in favor of FDX:
• FedEx announced it is starting domestic service within India, a move we view as hugely positive as we believe India will be a major growth market over the next five years or so.
• In addition, we believe this year’s peak shipping season is going to be slightly better than last year. FedEx will benefit from an increase in shipments.
• For May 2011, we believe our estimate could prove to be conservative, especially if the Indian market takes off (so to speak) and the US market starts to show growth.
• FedEx will report November quarter, which is the second fiscal quarter, earnings on December 17. We are estimating EPS of $0.84 vs. $1.58, which is also the consensus estimate.
