One Reason Why FedEx (FDX) Stock Is Up Today
NEW YORK (TheStreet) -- Shares of FedEx (FDX) - Get Report are increasing 0.9% to $153.15 in mid-afternoon trading on Friday after Wolfe Research boosted its rating on the stock to "outperform" from "peer perform."
The firm has a $99 price target on shares of the Memphis-based delivery giant.
Wolfe Research cited growing confidence in higher earnings per share growth driven by continued FedEx Express profit growth, market share gains, accretion from its TNT acquisition, buybacks and a meaningfully lower tax rate as reasons for the upgrade, according to the Fly.
At the end of last month, the company reported better-than-expected results for the 2016 fiscal fourth quarter.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FDX