Stock Markets36 minutes ago (Sep 16, 2020 10:39AM ET)
(C) Reuters.
By Christiana Sciaudone
Investing.com — XPO Logistics (NYSE:XPO) popped after Fedex reported breakthrough results and Credit Suisse (SIX:CSGN) raised its price target.
XPO rose 5% to its highest level since February, around $93.
Credit Suisse analyst Allison Landry raised the price target on XPO to $101 from $85, while maintaining an outperform rating, according to StreetInsider.
Fedex reported its biggest quarterly sales ever, and earnings of $4.87 per share on revenue of $19.3 billion, compared to the expected $2.65 earnings per share on sales of $17.51 billion.
FedEx (NYSE:FDX) didn’t provide an earnings forecast but raised its capital spending outlook for the year by $200 million to $5.1 billion to boost capacity and support increased volume.
In July, XPO reported results that beat expectations, with a loss per share of 63 cents versus the expected 76 cents on sales of $3.5 billion, which compared to the estimated $3.36 billion.
XPO Logistics Up After Fedex’s Blowout Quarter, Credit Suisse Price Target Boost
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