J.P. Morgan Continues FedEx Overweight (FDX)

J.P. Morgan continued its FedEx FDX Overweight rating in a research report published today. In the report, J.P. Morgan states, "FDX's downside 3QF11 prereport was a bit worse than expected, but we believe that a weak quarter was broadly anticipated in light of the rise in jet fuel prices and given the headwinds from heavy winter storms which has affected its business throughout 3QF11. We believe that the timing is right to buy this stock as FDX is very close to improving cost side and operating margin stories and the near-term bad news is now out of the way. We believe the stock may easily absorb the downside prereport and may well move up through the day on Tuesday." Shares of FedEx were at $94.65 in pre-market trading at the time of posting, up 0.70% from Monday's market close.