FedEx (FDX) PT Raised to $446 at UBS

UBS analyst Thomas Wadewitz raised the price target on FedEx (NYSE: FDX) to $446.00 (from $412.00) while maintaining a Buy rating.

The analyst comments "FDX's strong 3Q EPS showed significant momentum with 10% revenue growth in FEC and 70 bp of y/y margin improvement. FDX identified incremental headwinds in 4Q but we expect them to continue realizing strong revenue growth and solid margin improvement in FEC. In our view the 4Q implied guide of $5.40/sh to $6.20/sh likely follows the pattern of the prior two quarters which set a bar that FDX significantly exceeded. We expect a significant positive response from FDX stock to the 3Q report."

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