Package delivery giant FedEx Corporation ( FDX ) caught some positive commentary from analysts at two major Wall Street firms on Friday.
Analysts at Jefferies & Co. maintained their "Buy" rating on FDX and lifted their price target from $110 to $113. That new target suggests a 35% upside to the stock's Thursday closing price of $83.47.
Meanwhile, Bank of America lifted its own price target for FDX to $91, suggesting a 9% upside. The firm cited the company's recent earnings guidance commentary for the move, stating that "The reiteration of its range clearly surprised the market, leading to the 8% share move. Nevertheless, we were surprised by the strong reaction, given that most seemed to expect the range to be maintained."
FedEx shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of FedEx ( FDX ) have a .62% dividend yield, based on last night's closing stock price of $83.47. The stock has technical support in the $75-$77 price area. If the shares can firm up, we see overhead resistance around the $85 price level.
FedEx Corporation ( FDX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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