Why FedEx Shares Are Trading Higher Today

FedEx shares are trading higher in sympathy with UPS, which reported better-than-expected Q1 EPS and sales results. Berenberg also maintained a Buy rating on FedEx and raised its price target from $340 to $350.

UPS, a peer company of FedEx, reported Q1 sales of $22.90 billion, which beat the consensus estimate of $20.49 billion. 

In its fiscal 2020, FedEx derived 51% of revenue from its express division, 33% from ground, and 10% from freight; its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping and FedEx Logistics, which provides global forwarding.

FedEx stock was trading 5.62% higher at $291.09 at the time of publication. The stock has a 52-week low of $103.40 and a 52-week high of $305.66.