Piper Jaffray has issued a preview of FedEx's (NYSE: FDX) F3Q11 EPS, which will be officially reported on Thursday, 3/17.

In the preview Piper Jaffray reports, "We believe investors' focus will be on (1) F4Q11 EPS guidance given FDX already downside pre-reported F3Q11 (2/14) due to weather and fuel and (2) more importantly F2012 earnings potential. Given cont'd March sequential increases in fuel we have somewhat more muted expectations for mgmt's likely commentary on F4Q11 EPS guidance which implicitly stands at $1.68-$1.78."

FedEx was sold for $88.63 at closing yesterday. FedEx remains at an Overweight Rating and a $115 Price Target.