Deutsche Bank analysts raised their price target on FedEx Corporation (NYSE:FDX) to $282 from $240 while reiterating their Buy rating as they believe upcoming results next month can be a meaningful positive catalyst for shares.

The analysts are optimistic about the current quarter and believe there is minimal risk involved. They have a positive outlook on the earnings and guidance for 2024 compared to what is generally expected. According to their projections, the earnings per share for fiscal 2024 are estimated to be $20.15, which is 11% higher than the current consensus.

The analysts assume about $500 million of structural cost reduction in each of the Express and Ground segments, partially offset by an estimated $500 million in incremental incentive compensation expense.