On Tuesday, the company projected fiscal 2025 earnings of $20 to $22 per share - the midpoint of which was slightly above analysts' estimates - as cost cuts rolled out to tackle a slump in freight demand are set to yield $2.2 billion in savings. The company is also mulling whether to keep or sell its FedEx Freight trucking business that generated revenue of $2.3 billion in the latest quarter. "It seems that the transformation at FedEx is building momentum and the strategic announcement with Freight should not be underestimated," J.P. Morgan analyst Brian Ossenbeck said, upgrading the stock to "overweight" from "neutral" and raising his price target to a Street high of $359.
ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy lagged behind the benchmark Russell 3000 Growth Index in the quarter. On an absolute basis, the strategy posted gains across all nine sectors it invested in. […]
There has been little movement in the opinion poll averages in recent days.