FDXF Flies the Nest but Still a Work in Progress

研报英文原文证据摘录

FDXF Flies the Nest but Still a Work in Progress

Update

June 25, 2026 11:27 PM GMT

Morgan Stanley & Co. LLCMFedEx Corporation | North America Ravi Shanker

Equity Analyst

FDXF Flies the Nest but Still a Ravi.Shanker@morganstanley.comMadison J Pasterchick +1 212 761-6350

Research Associate

Madison.Pasterchick@morganstanley.com +1 212 761-3787

Work in Progress Nancy Hipp

Nancy.Hipp@morganstanley.com +1 212 761-1311

FDXF hosted their first earnings call to mark their independence as a public company.

Mgmt reiterated all of the strategic priorities, earnings levers and financial targets FedEx Corporation (FDX.N, FDX UN)

that they laid out at the Investor Day in April. However, while today was a Freight Transportation | United States of America

momentous day for the company starting its independent journey, it's also clear that Stock Rating Underweight

Industry View Attractive

FDXF remains a work in progress with several quarters to go before normalization. Price target $160.00

Shr price, close (Jun 25, 2026) $329.44

Mgmt could not report EPS and we await more financial disclosure to come in Mkt cap, curr (mm) $79,440

52-Week Range $345.00-174.05

August and October. The newly introduced 7-month stub guidance (no comparable

MSe/guide) pointed to flat margins y/y and a 4% increase in EBIT, hardly banner

numbers during a record cycle but understandable given the transition service

agreements and commercial rebuild. Mgmt commentary on underlying

fundamentals was also softer than expected guiding to 30bps of volume headwind

as demand was "softer than [they] initially anticipated", flat overall yields this qtr

and saying that demand "may be" stabilizing.

All in, FDXF has a long way to go and therein lies the opportunity. On the other