J.P. Morgan Reiterates Overweight Rating on FedEx Corp. (FDX)

J.P. Morgan is out with a research report this morning, where it reiterates its Overweight rating on FedEx Corp. FDX; it has a $112.00 price target on the stock. The JPM analysts said that they expect earnings to be in-line with expectations when the company reports on December 16th, noting that the demand data they track for FDX's Express business indicates that volumes in the quarter are likely to be in line with forecasts, while the move up in fuel is probably a modest headwind. The analysts noted that FDX's stock has performed well since the late August low in the market (FDX +22% vs S&P 500 +17% from 8/31). While they believe FDX's medium term story is on track, there is probably near term risk related to 3Q guidance.