FedEx Stock Brushes Off Bull Notes Before Earnings

Both Barclays and BMO lifted their price targets on FDX

FedEx Corp (NYSE:FDX) is gearing up for earnings next week, with its report scheduled for Wednesday, Sep. 20, and the stock received a pair of bull notes ahead of the event. BMO lifted its price objective to $280 from $270, while Barclays raised its price target to $300 from $280 today. FDX was trading flat at last glance, down 0.4% at $255.93. 

The stock has a mixed post-earnings history over the past couple years, closing four of its last eight sessions positive — including an 8% pop in March. The options pits are pricing in a 6.1% next-day swing this time around, which is larger than the 5.2% move FDX has averaged over this time. 

Of the 32 analysts in coverage, 20 analysts carry a “buy” or better rating on FedEx stock, with 12 a tepid “hold,” and no “sell” ratings in sight. Meanwhile, the 12-month consensus price target of $266.96 is just a slim premium to current levels. 

On the charts, FDX has been slipping since its July 31 roughly two-year high of $270.95. This has happened despite an unwinding of short interest, which is down 25% in the last month, pointing to potential technical weakness. 

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