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Investing.com - Wells Fargo (NYSE:WFC) raised its price target on FedEx (NYSE:FDX) to $235 from $220 on Wednesday, while maintaining an Equal Weight rating on the stock.
The firm cited strengthening U.S. volumes in the fiscal fourth quarter that have continued into June, likely pushing earnings per share toward the upper end of FedEx’s fiscal first-quarter guidance range of $3.40 to $4.00.
Wells Fargo noted that some of the strength comes from new healthcare wins mentioned during FedEx’s March call, while additional volume appears to stem from competitive wins within core parcel business.
The bank raised its fiscal first-quarter 2026 earnings estimate to $3.86, positioning it at the upper end of the guidance range, and increased its fiscal year 2026 earnings per share estimate to $18.15 from $17.80, compared to the consensus estimate of $19.48.
Wells Fargo’s new price target is based on a maintained multiple of approximately 12 times its calendar 2026 estimate of about $19.16, representing a discount of roughly one turn compared to UPS.
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