FedEx Corporation FDX is scheduled to report fiscal Q3:11 earnings on Thursday, March 17.
Morgan Keegan expects earnings of $0.85 for the quarter, inline with the company's guidance range of $0.70 to $0.90 per share. Fuel prices have moved higher since the company tweaked its Q3 guidance so it could see a tweak to the full year guidance when the company reports, but it would view the impact of weather and fuel on earnings as a short-term issue and not a long-term fundamental shift in the company's potential.
Morgan Keegan continues to like the stock from a long-term perspective, particularly with leverage in the business model driving solid earnings growth even with only modest economic recovery. As such, it maintains an Outperform rating and $125 price target.
FDX closed Tuesday at $88.63
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