Deutsche Bank Raises Estimates on FedEx

Deutsche Bank is out with its report on FecEx

in which it raises estimates on FDX. In its report, Deutsche Bank writes, "We are maintaining our FY2011 EPS estimate of $5.17 and raising our FY2012 EPS estimate to $6.32, up from $6.15. We have improved our FH2 EPS estimates offsetting the FQ2 earnings miss on better margins. We have raised our PT to $120 based on 20x our raised CY2011 EPS estimate of $6.00/share. This compares to a trailing 5-year average P/E multiple of 16.7x. Risks include worsethan-expected IP volumes, volatile fuel costs, and FedEx Freight restructuring." FDX closed yesterday at $94.22.