By Christiana Sciaudone
Investing.com — FedEx Corporation (NYSE:)is stuck. Shares dropped more than 1% after Stephens pointed out that despite strong results expected for earnings coming next week, shares are “stubbornly range bound.”
Stephens kept its overweight rating on the delivery company and raised the price target to $360 from $350, CNBC reported.
“We anticipate strong results and an encouraging FY22 guide from FedEx next week when the company reports its F4Q June 24,” Stephen said. “What concerns us is that every investor we have spoken to over the last 6-8 weeks expects the same thing. In a market starving for companies that have pricing power and leverage to secular growth themes, we are surprised that FDX has been stubbornly range bound for the last six months.”
FedEx saw sales jump during the pandemic since we were all stuck at home ordering stuff online to be delivered because we were desperate for entertainment and stuff. Shares are up more than 110% over the past 12 months.
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