J.P. Morgan Updates Price Targets on Freight Names (FDX, UTIW)

J.P. Morgan is out with a research report this morning, where it establishes December 2011 price targets for FedEx Corporation FDX and UTi Worldwide Inc. UTIW. The analysts placed a $112.00 price target on FDX, which is based on applying a 17x target P/E multiple to their calendar 2012 earnings estimate of $6.57/share. The analysts placed a $22.00 price target on UTIW, which is based on applying an 18x target P/E multiple to their fiscal 2013 (January 2013) earnings estimate of $1.20/share.