FedEx: Deutsche Raises Price Target to $120

Deutsche Bank (DB) today reiterated its “Buy” rating on FedEx Corp. (FDX) shares, raising the price target on the co.’s stock to $120 per share from $115.

In its report, Deutsche Bank writes, “We have raised our PT to $120 based on 20x our raised CY2011 EPS estimate of $6.00/share. This compares to a trailing 5-year average P/E multiple of 16.7x.”

Deutsche also said it will raise its fiscal 2012 FDX EPS estimate to $6.32, up from $6.15.

Over the past 12 months FedEx shares have traded between $69.78 and its 52-week high of $97.75. FedEx Corporation shares are now trading with a t/12 P/E Ratio of 21.10 and t/12 EPS of 4.39.

FDX fell $1.40, or 1.49 percent, to $92.82 at 1:41 p.m. EST in New York Stock Exchange trading.

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