XPO Logistics Up After Fedex’s Blowout Quarter, Credit Suisse Price Target Boost

(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.