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VOL. 128 | NO. 142 | Tuesday, July 23, 2013

Wunderlich Securities Begins Coverage of FedEx

By Andy Meek

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Wunderlich Securities Inc. has added FedEx Corp. to its stock coverage universe, initiating coverage of the package shipping giant with a “buy” rating and a $120 price target.

According to Wunderlich, FedEx is well-positioned to benefit from long-term trends like increased global sourcing and selling, more sophisticated supply chain management and growth in e-commerce.

“While slow global growth, yield pressure from overcapacity, and international services trade-down remain near-term headwinds, we expect internal initiatives will drive substantial margin improvement and (earnings per share) leverage at (FedEx) Express and Freight over the next two to three years,” Wunderlich writes in the firm’s first comments about the company. “(FedEx) has a successful history of flexing its portfolio of networks to meet market conditions. We are confident that management’s strategic plan will result in reaching its goals.”

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 215 4,981
MORTGAGES 96 322 6,548
FORECLOSURE NOTICES 0 25 1,504
BUILDING PERMITS 223 541 11,800
BANKRUPTCIES 84 203 5,162
BUSINESS LICENSES 19 65 2,001
UTILITY CONNECTIONS 124 351 6,815
MARRIAGE LICENSES 21 65 1,406

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