Piper Jaffray Reiterates Overweight on FedEx, Raises PT to $126

Piper Jaffray reiterated its Overweight rating on FedEx

. At the same time, Piper Jaffray raised its price target on the company's stock from $116 to $126 after the company reported better than expected quarterly earnings results. In a research report published today, Piper Jaffray states, "Yesterday before the market FDX reported F4Q11 continuing EPS of $1.76 (+29.5% y-o-y) above Consensus of $1.72 and our $1.67 estimate... Management's above Consensus F2012 EPS guide and subsequent work on our model post F4Q11 results have given us greater conviction in Express operating margin improvement acceleration and Freight (

)'s strong swing to profitability during F2012. We've raised our twelve month price target from $116 to $126 – and despite the raise – see further material earnings/stock upside potential." On Wednesday, FedEx added 2.59% to its value to end the day at $91.44. Its shares lost some of yesterday's gains in today's pre-market trading, falling 0.15% to $91.30.