10:37 AM EDT, 03/17/2023 (MT Newswires) -- BofA Securities raised the price target on FedEx (FDX) to $305 from $233 while maintaining a buy rating on the logistics and delivery company amidst its cost-cutting plan.
Alongside its Director & Officer cutbacks, FedEx detailed almost $1 billion in cuts as it progresses in a declining volume environment, analyst Ken Hoexter said.
FedEx's cost focus targets sequential progress in fiscal Q4 2023, the brokerage said, citing Chief Executive Raj Subramania.
"We believe its [Fedex's] cost cutting program is more credible given its tangible moves to reduce headcount and shed excess capacity," BofA said.
FedEx has an average rating of outperform and price targets ranging from $145 to $305, according to analysts polled by Capital IQ.
Price: 219.83, Change: +15.77, Percent Change: +7.73