FedEx gets Loop Capital's upgrade on freight spin off [Yahoo! Finance]
Starbucks Corporation (SBUX)
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Source: Yahoo! Finance
target to $365 from $288, factoring the value creation from the planned spin-off of its FedEx Freight division and a recent dip in the company's stock price. FedEx shares were up more than 7% in premarket trading. The company said it would spin off FedEx Freight into a standalone public entity within 18 months, after a six-month review. Loop Capital sees the move as a key value driver, estimating a 32% upside for FedEx shares based on a sum-of-the-parts valuation. The parcel giant reported adjusted earnings per share of $4.05 for its fiscal second quarter, slightly beating analysts' estimates of $4.01. However, revenue fell 0.9% year-on-year, coming in below consensus expectations. FedEx's Express business delivered a 13% rise in adjusted operating income, driven by higher revenue per package and improved margins, while its Freight unit faced challenges, with operating income falling 23% due to weaker less-than-truckload volumes and shrinking margins. FedEx revised its full-
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- 10/30/24 - In-Line
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- 12/3/24 - Form 4
- 11/29/24 - Form 144
- 11/25/24 - Form 144
- SBUX's page on the SEC website