FedEx's stock extended its surge after two analysts turned bullish, saying another round of job cuts show management is serious about cutting costs.
Shares of FedEx Corp. surged toward their best three-day performance in 19 months on Thursday after two Wall Street analysts said it’s time to buy, noting that the package delivery giant’s announcement of job cuts shows that management is serious about cutting costs.
Ken Hoexter of BofA Securities raised his rating on FedEx to buy from neutral and lifted his price target to $233 from $204. Citi’s Wetherbee said he believes FedEx is showing increasing signs that it’s addressing the mistakes it made regarding costs in 2022. He said the job cuts announced Wednesday — including a 10% reduction to the executive team — on top of the $1 billion in cost cuts announced in December, set the stage for “a good start to incremental cost momentum” into fiscal 2024.
BofA’s Hoexter said he believes FedEx could potentially be saving $560 million with the announced job cuts, which could provide a boost to quarterly earnings of roughly 40 cents a share.
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