FedEx Shares Rise 16%
July 01 2020 - 10:40AM
Dow Jones News
By Allison Prang
Shares of FedEx Corp. rose 16% Wednesday morning after the
company reported financial results for the fourth quarter following
the closing bell on Tuesday.
"Accelerating macro trends are working in FedEx's favor, though
uncertainty looms with the overall economy," Cowen wrote in a
research note, increasing its price target on the company by $11 to
$167. The firm also said the company's "densification and network
improvement investments are tailwinds for e-commerce-fueled volume
growth in B2C residential deliveries."
The company logged fourth-quarter revenue of $17.4 billion. That
topped the consensus estimate from FactSet by about $1 billion.
Adjusted earnings of $2.53 a share also beat the consensus estimate
of $1.58 a share.
On a GAAP basis, FedEx reported a loss of $1.28 a share.
(END) Dow Jones Newswires
July 01, 2020 10:25 ET (14:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
FedEx (NYSE:FDX)
Historical Stock Chart
From Mar 2024 to Apr 2024
FedEx (NYSE:FDX)
Historical Stock Chart
From Apr 2023 to Apr 2024
