Baird's Benjamin Hartford maintained FedEx Corporation (NYSE: FDX)'s Outperform rating and $176 price target. The reiteration came after Fedex reported earnings on Tuesday, beating the street's estimates.
"Longer-term catalysts remain, supporting sustained out-performance of the stock," said Hartford. Catalysts included successful integration of TNT over the next 3-5 years, continuing growth in ground services and further demonstration of express profit improvement efforts according to the analyst.
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In the near term, Hartford viewed Fedex's near-term risk/reward as "balanced."
"However, given a stable macro, a successful integration of TNT over the next 3-5 years, continued growth in Ground [services], and continued demonstration of commitment to its Express profit improvement efforts, we believe sustained 10-15% annual EPS growth is possible," said Hartford.
FedEx traded down 4.54 percent at $156.51 on Wednesday.
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