FedEx easily bested fiscal third-quarter earnings expectations
FedEx Corporation (NYSE:FDX) stock is soaring today, after the company posted better-than-expected fiscal third-quarter earnings. The shares were last seen up 8.2% to trade at $220.77.
The delivery concern shared earnings of $3.41 per share, easily besting analysts’ estimates of $2.73 per share. Though revenue of $22.17 billion was slightly below forecasts, FedEx raised its 2023 earnings outlook after noting its cost-cutting efforts are offsetting weak demand.
Options traders are responding the the results, with call volume running at 14 times the average intraday amount. Already today, more than 38,000 bullish bets and 29,000 puts have crossed the tape. Positions are being opened at the most popular contract — the March 230 call.
At least nine brokerages raised their price targets on FDX. BofA Global Research hiked its price objective to $305 from $233, while J.P. Morgan Securities moved to $233 from $199.
On the charts, FedEx stock is trading at its highest level since late August. And though the equity is down 3% over the last 12 months, it now sports a nearly 30% year-to-date lead.
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