Fri Sep 20 07:44:56 UTC 2024: ## FedEx Stock Price Target Cut by Bank of America, Despite Positive Earnings

**New York, NY (MarketBeat News) -** FedEx (NYSE: FDX) saw its price target reduced by Bank of America from $347.00 to $345.00 on Wednesday. Despite the slight cut, the firm maintained a “buy” rating on the shipping giant’s stock, indicating potential upside of 14.85% from its current price.

This latest move comes amidst a flurry of activity from analysts regarding FedEx. While Robert W. Baird reiterated an “outperform” rating with a $340.00 target price, other firms have adjusted their outlook. Morgan Stanley increased its target price to $215.00 but assigned an “equal weight” rating, while Raymond James lowered its target to $300.00 despite maintaining an “outperform” rating.

Despite the mixed opinions, FedEx recently reported strong earnings for the quarter ending June 25th. The shipping service provider surpassed analyst expectations with $5.41 earnings per share, exceeding the consensus estimate by $0.07. Revenue also came in above expectations at $22.11 billion.

However, insider trading activity has raised eyebrows. EVP Robert B. Carter sold 16,010 shares for a total of $4,714,624.80, while CAO Guy M. Erwin II sold 116 shares for $34,711.84. In total, insiders have sold 32,944 shares worth $9,882,355 in the last 90 days, representing 8.73% of the company’s stock.

Despite these insider sales, institutional investors remain optimistic about FedEx’s prospects. Hedge funds and other institutional investors hold 84.47% of the company’s stock, with several firms increasing their positions in recent quarters.

Overall, analysts are divided on FedEx’s future prospects. While some remain bullish on the company’s performance, concerns remain regarding insider selling activity. MarketBeat’s consensus rating for FedEx is currently “Moderate Buy,” with a consensus target price of $314.58. Investors will be closely watching FedEx’s upcoming earnings reports and any further developments to gauge its future trajectory.

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