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BB&T Capital Upgrades FedEx to 'Strong Buy'

BB&T CAPITAL upgraded FedEx (FDX) to strong buy from hold.

On Tuesday the global delivery carrier posted $0.78 vs. $0.64 fourth quarter earnings per share, and forecast $0.40-$0.50 first quarter EPS.

Analyst Thom Albrecht says he thinks Tuesday's selloff was overdone; he says the weakness ignores growing volume as well as margin momentum within most of the company's key products. Albrecht thinks as a global recovery takes hold, the company's volume momentum may offset some of the cost pressures investors focused on after the company's conference call Tuesday.

He also thinks the company's comfort level with its $2.77 fiscal 2003 (May) earnings per share consenus represents the low end of what FedEx is capable of earning in fiscal 2003. He sees $2.76 fiscal 2003 EPS, and $3.20 for fiscal 2004. He also set a $60 target.

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