Sterne Agee Raising Estimates On FedEx

Sterne Agee is raising its estimates on FedEx FDX after it reported earnings yesterday. It has a Buy rating and a $120 price target on shares. In a note to clients, Sterne Agee writes, "We raise our Fiscal (May) 2012 EPS estimate again from $6.60 to $6.65, and initiate a Fiscal 2013 EPS estimate of $7.95. Based on the midpoint of both Fiscal years (to calendarize a 2012 EPS estimate), and discounting that figure slightly, we arrive at our new price objective of $120." Shares of FDX gained $2.31 yesterday to close at $91.44, a gain of 2.6%.