FDX - Updating Estimates Following Reporting Transition; Lowering PT to Reflect FedEx Freight Separation

研报英文原文证据摘录

FDX - Updating Estimates Following Reporting Transition; Lowering PT to Reflect FedEx Freight Separation

Truist Securities

Equity Research Report June 24, 2026

INDUSTRIALS: Freight & Logistics FedEx Corporation (FDX)

FDX - Updating Estimates Following Reporting Transition; Lowering Lucas Servera

404-439-7688 PT to Reflect FedEx Freight Separation

Lucas.Servera@truist.com

Daniel Ighodaro We are updating our estimates and PT to reflect FDX's new reporting structure and

404-439-7388 the removal of the Freight business. We view the post-earnings weakness in shares as

Daniel.Ighodaro@truist.com an opportunity to own a company that remains well-positioned to benefit from an improving

industrial economy while continuing to execute on its Network 2.0 transformation strategy.

Stock Rating BUY This is a follow up to our note published last night. We are updating our estimates to

Unchanged reflect FDX's transition to calendar-year reporting as well as the removal of the spun-

out FedEx Freight (FDXF, Hold) business. Given the company's change from fiscal year

Price Target $365.00 ending in May to a calendar year ending in December, and the absence of recast quarterly

↓ financials under the new reporting structure, we are introducing full-year CY26 and CY27

from estimates while deferring quarterly forecasts until the company provides additional detail

$425.00 later this summer (mid-August). We believe this approach avoids introducing unnecessary

assumptions regarding the allocation of historical revenue, expenses, and earnings across

the new reporting periods.

TR to Target 16.9% Following the transition, we forecast CY26 revenue of ~$91B, operating income of $5.8B

Price (Jun. 23, 2026) $317.24 and adj. EPS of $17.44. For CY27, we continue to model modest revenue growth supported