FedEx (FDX) Stock Hits All-Time High — and Analysts Think It Has More to Run

TLDR

• J.P. Morgan upgraded FedEx (FDX) to Buy, raising its price target to $460 from $432
• FDX jumped 2.8% to $411.20 on Wednesday, hitting an all-time high of $408.85
• FedEx is spinning off its freight business on June 1; the unit expects $8.7 billion in FY2026 sales
• FDX is up 82% over the past 12 months, far ahead of rival UPS which gained just 5%
• Q4 FY2026 earnings are due June 23; Wall Street expects EPS of $5.91, but J.P. Morgan sees $6.40

FedEx (FDX) stock hit an all-time high of $408.85 on Wednesday and climbed further to $411.20 — a 2.8% gain on the day — after J.P. Morgan upgraded the stock to Buy.

FedEx Corporation, FDX

Analyst Brian Ossenbeck raised his price target to $460 from $432, citing the upcoming freight business spinoff and an improving risk/reward setup heading into earnings.

The upgrade pushed FDX to its highest level ever, and the stock now carries a market cap of $95.4 billion.

UPS also moved higher Wednesday, up 1.2% to $103.32, but the gap between the two remains wide.

Over the past 12 months, FedEx is up 82%. UPS is up just 5% in the same period.

Freight Spinoff on June 1

FedEx is set to separate its less-than-truckload freight unit on June 1. The business, which serves mainly industrial customers shipping goods over shorter distances, competes with the likes of Old Dominion Freight Line.

One of the key reasons for the split is valuation. FedEx trades at roughly 18 times forward earnings. Old Dominion trades at 38 times. The spinoff is designed to let FedEx Freight’s value show up more clearly as a standalone company.

FedEx Freight is expected to post $8.7 billion in sales and $1.1 billion in operating profit for FY2026.

For FedEx as a whole, Wall Street projects around $94 billion in sales and $6.5 billion in operating income for the year.

Q4 Earnings in Focus

FedEx reports fourth-quarter fiscal 2026 results on June 23. The Street is looking for EPS of $5.91, down from $6.07 a year ago.

Ossenbeck is more optimistic. He’s modeling $6.40 per share.

FedEx’s fiscal year ends in May, so the Q4 report will wrap up a year that saw the stock more than double off its lows.

With Wednesday’s upgrade, 63% of analysts covering FDX now rate it a Buy. That’s above the typical 55%–60% Buy-rating range for S&P 500 stocks.

The average analyst price target sits at around $417.

UPS, by contrast, has a Buy rating from just 48% of its analysts. The average target there is $114.

UBS separately maintained its Buy rating on FedEx, trimming its target slightly to $445 from $446 ahead of the freight separation.

FedEx also recently announced the redemption price for its €354.9 million notes due in 2031, with the redemption date set for May 28, 2026.

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