FedEx stock doesn’t offer as much discount as Nike, at 87% of its 52-week high, it still carries enough upside to attract insider buying activity lately.
Leading the pack in buying, those from State Street decided to accumulate up to $2.6 billion worth of FedEx stock, or 3.8% ownership in the company.Knowing that, as the Federal Reserve (the Fed) cuts interest rates, business activity will likely begin to pick up again. Amongst the many industries that can benefit from this shift, the transportation sector is at the heart of most businesses and their needs when it comes to transportation.
J.P. Morgan Chase decided to reiterate their overweight rating on the stock, this time keeping a $370 valuation on it. To prove these new targets right, FedEx stock would have to stage a rally of up to 35% from today’s prices, justifying the recent purchases by these institutions.
FedEx is seen as a CANARY stock
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