FedEx $FDX stock formed a Resurrection CrossWhen the 50 day moving average crosses above the 200 day moving average, it is called a Resurrection Cross. Conversely, when the 50 day moving average crosses below the 200 day mov... on March 8, 2023. The stock is in a technical uptrend. However, it faces a tough resistance zone from $214.67 to $217.39.
FedEx price target raised at Evercore ISI
Prior to the release of the company’s fiscal Q3 results on March 16th, Evercore ISI analyst Jonathan Chappell raised the price target on FedEx from $196 to $234 on February 27, 2023, and maintained an Outperform rating on the shares. The company, ahead of the report, lowers its Q3 EPS forecast slightly to $2.78 from $2.89 to reflect lower Express and Freight volumes, but it raised its FY24 EPS forecast to $17.30 from $17.00 to take into account more of the permanent cost reductions announced in December. The March earnings report and Drive Day on April 5 are likely to provide more information on cost cutting, according to Evercore.
