FedEx (FDX) just refilled its bearish gap around $202 and could see higher highs. Helping, Bank of America and Citi analysts just upgraded the stock to a buy.
Citi now has a price target of $240 thanks to better price controls. “We previously noted the F2H weighting of its $1b in cost-out for F23, but Wednesday’s announcement of officer/director headcount reductions is incremental and likely sets F24 off to a good start for incremental cost momentum,” said Citi analysts. Bank of America analysts also upgraded FDX to a buy rating from neutral, with a price target of $233. The upgrade was also based on a reduced headcount.