FDX - A Whole New FedEx... Moving to Standalone Estimates - Reiterate Outperform

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FDX - A Whole New FedEx... Moving to Standalone Estimates - Reiterate Outperform

Airfreight & Surface Transportation

Airfreight & Logistics - Market Weight

FEDEX CORP. (FDX) June 4, 2026

FDX - A Whole New FedEx... Moving to Standalone Rating:

Estimates - Reiterate Outperform Outperform

Price:

$324.46

The Wolfe Byte Price Target:

FDX stock began trading this week on a standalone basis following the Freight $378

% Upside:spin. We reiterate our Outperform rating as we continue to see lots of momentum 16.5%

at FDX. Based on our standalone estimates, we're adjusting our target price.

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●FDX Preview. FDX will report consolidated earnings on 6/23, and we continue Company Information

to model consolidated F4Q EPS of $6.08, 3% above Consensus and towards 52-Week Range $217 - $412

the high-end of FDX's guidance range with potential for further upside in our Market Cap. (MM) $77,418

view. Following the spin, we're formally moving to standalone FDX estimates. Enterprise Value (MM) $107,669 Shares Out. (MM) 238.6

In a separate note today, we are also launching coverage on FDXFwith an Avg. Value Traded (MM) $1,090.22

Outperform rating. Adj. Debt to Cap 58.8%

SI% of Float 1.8%

●F4Q Remain-co Results. We're modeling 11% y/y FEC revenue growth, with FCF Yield 2.9%

total volumes up <1% y/y, but yields accelerating to +10% y/y (including EV/ EBITDA 9.7x

higher fuel surcharges). We're modeling a 90.9% FEC OR, +10bp y/y despite

headwinds from the MD-11 grounding and higher incentive comp. As FDX 360340

transitions to calendar reporting, we expect FDX will provide C26 Remain-co 320 300

280 EPS guidance. We are modeling $18.35 of standalone EPS this year (including

headwinds from a new pilot deal and stranded costs) but see potential upside 260240