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A proprietary KeyBanc Capital markets index ndicates continued strong business-to-consumer volumes in early 2021, the sell-side firm said in a note.
FedEx Corporation (NYSE:FDX) faces a rational pricing environment and the opportunity to gain market share as United Parcel Service, Inc. (NYSE:UPS) “takes a more measured approach to volume growth,” according to KeyBanc.
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The FedEx Analyst: Todd Fowler upgraded FedEx from Sector Weight to Overweight and established a $350 price target.
The FedEx Takeaways: B2C volumes are up 58% year-to-date, consistent with the levels in the second half of 2020, Fowler said in the upgrade note.
“Further, we are encouraged by indications of resilient airfreight dynamics with demand improving against limited incremental capacity which may sustain Express load factors and margins intermediately,” the analyst said.
“Lastly, we view broader improvements in industrial production and economic activity as increasingly favorable for B2B demand.”
The analyst raised the FedEx earnings estimate for fiscal 2022 from $19.50 per share to $20.70 per share to reflect “an improved Express and Ground outlook.”
FDX Price Action: Shares of FedEx were up 0.18% at $291.32 at last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.