FedEx (FDX) is set to report its fiscal second-quarter earnings after the market closes Thursday, with analysts expecting another quarter showing a small decline in revenue before the shipping giant returns to growth.
Analysts are largely bullish on FedEx’s stock, with 11 of the 15 analysts who follow FedEx and are tracked by Visible Alpha rating it as a “buy,” along with three “hold” ratings and one “sell.” Their average price target of about $308 would imply roughly 9% upside from Friday’s closing price of $283.42. The stock has gained about 12% in 2024 so far.
FedEx is projected to report second-quarter revenue of $22.14 billion, down slightly from last year’s $22.17 billion. Net income, however, is expected to rise nearly 3% year-over-year to $925.1 million as the shipping company has worked to cut costs.
After the second quarter, estimates compiled by Visible Alpha suggest FedEx could return to year-over-year revenue growth …