JPMorgan Sees 34% Upside In FedEx After Lowering Price Target

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  • FedEx Corporation's FDX price target was lowered to $346 (implying an upside of 33.82%) from $366, with an Overweight rating maintained on the stock by JPMorgan analyst Brian Ossenbeck.
  • Ossenbeck recommends staying on the sidelines into the FedEx fiscal Q1 earnings release on September 21. He says that while the significant underperformance of shares versus the S&P 500 Index and peer UPS UPS since late May combined with negative sentiment is "ingredients for a relief rally," he does not see a clear catalyst until fiscal Q3. 
  • Additionally, at that point, the peak season surcharges will be in full effect just as costs related to the holiday surge flatten out, the analyst wrote.
  • Price Action: FDX shares closed lower by 0.69% at $259.22 on Thursday.
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