FedEx F1Q11 Preview

FedEx Corporation FDX is scheduled to report F1Q11 earnings Thursday, September 16th before the market opens and is expected to report at the higher end of EPS guidance and introduce midpoint 2Q11 guidance above consensus, Piper Jaffray reports. Guidance range is currently $1.05-1.25, driven by Express and Ground services, and some one-time costs are expected in F1Q11 that will disappear soon after, potentially resulting in strong profit margins, according to Piper Jaffray. Piper Jaffray maintains its Overweight rating and $110 price target. FedEx Corporation closed yesterday at $84.62.