UBS has raised its price target for FedEx (FDX) to $350 from $311, maintaining a Buy rating. The firm's plan to separate its package and LTL businesses is expected to enhance shareholder value in the medium term, with a positive initial response anticipated for both the separation plan and Q2 results.
UBS has raised its price target for FedEx (FDX) to $350 from $311, maintaining a Buy rating. The firm's plan to separate its package and LTL businesses is expected to enhance shareholder value in the medium term, with a positive initial response anticipated for both the separation plan and Q2 results.
The stock market faced significant losses as major indexes fell below key levels, influenced by a less-dovish Fed rate outlook and rising Treasury yields. FedEx surged on plans to spin off its Freight business, while Micron Technology and Vertex Pharmaceuticals plummeted due to disappointing guidance and drug study results, respectively. Despite a weak performance from Nike and other companies, a tame inflation report provided some relief on Friday.
The Dow Jones Industrial Average surged nearly 400 points, reversing a 10-day losing streak, as investors reacted positively to a lower-than-expected inflation report, despite looming government shutdown concerns. Nvidia's stock attempted a recovery, while shares of Trump Media and Technology fell sharply after the president-elect moved shares to a revocable trust. FedEx initially soared over 20% on earnings but later declined, while Carnival's stock rose 3% following better-than-expected quarterly results.
Wall Street faced volatility as the S&P 500 and Nasdaq marked their third consecutive day of losses, while the Dow ended a 10-day losing streak. FedEx surged 8.5% after a strategic spin-off, while Nike shares fell 6% amid a delayed turnaround plan. Novo Nordisk's obesity treatment trial results disappointed, causing its stock to drop, while Berkshire Hathaway increased its stake in Occidental Petroleum.
Stock futures narrowed losses following a better-than-expected inflation reading, with the Dow down 0.3% and the S&P 500 and Nasdaq down 0.5% and 0.8%, respectively. Large-cap tech stocks fell, with Nvidia, Apple, and Microsoft among the decliners, while Nike dropped 6% after its earnings report. FedEx shares surged over 8% after announcing plans to spin off its freight business, overshadowing a lowered outlook.
U.S. stock futures are down as investors brace for a potential government shutdown and await inflation data, with Nasdaq and S&P 500 futures falling 1.5% and 1.0%, respectively. Novo Nordisk's stock plummets 19% after disappointing results for its obesity drug CagriSema, while FedEx shares surge 8% on plans to spin off its Freight unit. Nike's stock dips 6% despite better-than-expected earnings, as it warns of a revenue drop in Q3.
Former Credit Suisse executives and Swiss authorities attended hearings regarding the management of the CS crisis, with the PUK set to make twenty recommendations to the Federal Council by spring 2025. The report criticizes the lack of tools available to authorities and highlights the need for improved cooperation and information sharing among them. The PUK also noted that the handover of responsibilities from former Finance Minister Ueli Maurer to Karin Keller-Sutter was inadequate, particularly concerning the critical CS dossier.
UBS has maintained a 'Buy' rating for FedEx, setting a target price of $311. Analyst Thomas Wadewitz noted that the anticipated spin-off of the freight business is expected to unlock significant value through a higher independent valuation, positively impacting the shares.
UBS has upgraded FedEx to a 'Buy' rating with a target price of $311, citing the anticipated spin-off of its freight business, which is expected to unlock significant value through a higher independent valuation. The lowered earnings hurdle for 2025 is also seen as beneficial for the stock.
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