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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 98 400 5,162
MORTGAGES 129 530 7,170
FORECLOSURE NOTICES 24 117 1,592
BUILDING PERMITS 0 774 12,068
BANKRUPTCIES 65 309 4,834
BUSINESS LICENSES 27 142 2,125
UTILITY CONNECTIONS 65 373 6,624
MARRIAGE LICENSES 21 117 1,490

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