What's Up With FedEx Stock Today?

FedEx Corp (NYSE: FDX) is trading lower Friday morning despite announcing better-than-expected financial results.

What Happened: FedEx reported fourth-quarter earnings of $5.01 per share after the close Thursday, which beat the estimate of $4.99 per share. The company reported quarterly revenue of $22.6 billion, which beat the estimate of $21.51 billion. 

"I am optimistic about the future of FedEx as we continue to innovate for our customers and meet strong demand for our global transportation network and capabilities," said Frederick Smith, chairman and CEO of FedEx.

Related Link: Recap: FedEx Q4 Earnings

FedEx Analysts React: Multiple analyst firms raised price targets on the stock following its earnings report:

• Credit Suisse analyst Allison Landry maintained FedEx with an Outperform rating and raised the price target from $364 to $373.
• Morgan Stanley analyst Ravi Shanker maintained FedEx with an Equal-Weight rating and raised the price target from $265 to $270.
• BMO Capital analyst Fadi Chamoun maintained FedEx with a Market Perform rating and raised the price target from $305 to $315.
• Stifel analyst J. Bruce Chan maintained FedEx with a Buy rating and raised the price target from $339 to $344.

FDX Price Action: FedEx has traded as high as $319.90 and as low as $129.28 over a 52-week period.

The stock was down 4.8% at $288.39 at last check Friday. 

Photo: courtesy FedEx.