FedEx skyrockets 17% on surprise revenue beat and a slew of Wall Street upgrades
The courier service still reported a loss, but had a better-than-expected quarter ending May 31 as the coronavirus pandemic fueled a jump in home deliveries that drove a 20% increase in revenue for FedEx's ground-delivery business. $17.4 billion reported, $16.4 billion
"Revenue growth was above our forecast by almost 3%, with Ground the star of the show as volumes rose by roughly 25% YOY," said Goldman Sachs analysts led by Jordan Alliger in a Tuesday note. "This far outstripped our high-single digit forecast and is directly related to surge in E-Commerce shipments — demonstrating perhaps that there is significant eCommerce potential outside of Amazon.
JPMorgan also boosted its FedEx price target to $188 from $145, and upgraded the company to "overweight," the equivalent of a "buy" rating.
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