) is having a good holiday season with improved volumes and a favorable court ruling, but the company is facing mixed expectations as it prepares report earnings on Thursday. Several analysts expect FedEx to beat earnings estimates, but their expectations for the stock are tempered by expectations of conservative guidance. Analysts surveyed by Thomson Reuters expect earnings of $1.31 for the fiscal second quarter ending Nov. 30, of $5.21 for fiscal 2011 ending May 30 and of $6.22 for fiscal 2012 ending in May 2012. At mid-morning Wednesday, shares were trading at $93.03, down 30 cents. In a recent report Morgan Stanley analyst William Greene said he expects $1.37 for the quarter. He said "at 15 times consensus F2012 EPS, FDX is not expensive in historical terms." But he noted "we struggle to recommend the stock as investors may need to wait until [late in the fourth fiscal quarter] or later when cost headwinds clear before the street comes to our view."