Raymond James analyst Patrick Taylor Brown on Thursday upgraded FedEx Corp. FDX to outperform from market perform on bullish sentiment around its recent investor event in New York City under the theme “Drive.” Brown said the company “provided better visibility into key transformational changes that are likely to set to drive better margins, earnings and free cash flow in out-years.” Brown said FedEx’s plan to integrate its primary express and ground services and its “keen focus” on cost cutting, an improved capital allocation scrutiny and a more “shareholder friendly” capital return program will help improve shareholder returns over time. FedEx’s stock is up 32.8% in 2023, outpacing the S&P 500 SPX increase of 6.5%.
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