FedEx Corp (NYSE:FDX) announced plan to slash $4 billion in permanent costs by the end of FY25 at the DRIVE Investor Event.
The company proposed to bring FedEx Express, FedEx Ground, FedEx Services, and other FedEx operating companies into Federal Express Corporation, becoming a single company operating a unified, fully integrated air-ground network under the respected FedEx brand by June 2024.
The company’s board approved an increase in the annual dividend rate on its common stock of 10%, or $0.44 per share, to $5.04 per share for FY24.
FedEx shares gained 1.5% to close at $229.93 on Wednesday and added 1.1% in today’s pre-market trading session.
These analysts made changes to their price targets on FedEx following restructuring announcement.
- Citigroup raised the price target on FedEx from $275 to $285. Citigroup analyst Christian Wetherbee maintained a Buy rating.
- Goldman Sachs boosted the price target on FedEx from $250 to $258. Goldman Sachs analyst Jordan Alliger maintained a Buy rating.
- Raymond James analyst Patrick Tyler Brown, meanwhile, upgraded FedEx from Market Perform to Outperform and announced a $285 price target.
- Stephens & Co. analyst Jack Atkins reiterated FedEx with an Overweight and maintained a $290 price target.
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