Industrials

FedEx (NYSE:FDX) Cost-Saving Program Seen Driving Quarterly Earnings Higher, BofA Says

/ / Industrials /

FedEx’s (NYSE:FDX) fiscal first-quarter earnings are likely to receive a boost from the parcel delivery group’s cost-saving initiative, BofA Securities said Thursday. The company is scheduled to report quarterly results Wednesday, with BofA raising its per-share earnings outlook to $3.58 from the previously expected $3.47. The brokerage’s projection is still below Wall Street’s view for $3.70 amid the “soft economic backdrop,” BofA analysts Ken Hoexter, Adam Roszkowski and Nathan Ho said in a note. The analysts said FedEx consolidated its Youngstown and Indianapolis facilities and moved to close 29 less-than-truckload terminals in the first quarter under its DRIVE transformation program. The company is targeting $1.8 billion in permanent cost reductions in fiscal 2024 and $4 billion by 2025. The brokerage increased its price objective on the FedEx stock to $309 from $290 while reiterating its buy rating. BofA expects FedEx Express revenue to fall 10% year over year to about

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CFRA Reiterates Strong Buy Opinion On Shares Of American Express Company

/ / Industrials /

We increase our 12-month target price by $25 to $235, applying a forward P/E of 18.3x our 2024 earnings estimate, a wider risk premium than the peer average of 7.3x given more consistent earnings performance, lower credit risk, and superior growth prospects. We raise our 2023 EPS estimate by $0.11 to $11.30 and decrease 2024’s by $0.15 to $12.87. AXP reported Q2 EPS of $2.89 vs. $2.57, a $0.07 earnings beat. Revenue growth slowed to 12% Y/Y as benefits from pandemic comps have been fully realized. However, we were still impressed with AXP’s resilience as a slowdown in discount revenue (+8% Y/Y) was met with exceptional growth in net card fees (+21%). Additionally, net interest income surged 32% as results benefited from strong loan growth and net interest yield expansion. Looking forward, we expect net interest income momentum to continue given strong loan growth, and we don’t expect credit quality

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Boeing (NYSE:BA) Deliveries Reportedly Decline in August

/ / Industrials /

Boeing (NYSE:BA) deliveries declined in August due to manufacturing issues with the 737 Max jet, multiple media outlets reported Tuesday. The company delivered 35 planes last month, its lowest number since April, according to a Reuters report. The deliveries included 22 narrowbody 737 Max jets, bringing the total for the first eight months of the year to 344 planes.

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