FDX is expected to report EPS data that shows contraction over 2012 numbers. The Q3 (Dec, Jan, FEB) analyst expectation is $1.39 vs last year's $1.55. Their full year expectation of $6.35 is also a contraction of $.24 when compared to last year. The consensus of analysts places the FDX 1 year target at $111.79. So despite less than terrific financials, offering up a $1.6B cost reduction program to address these issues and a modest dividend well below the S&P and raising levels of other companies, they are very close to a lofty target. Meanwhile, UPS is expected to report increasing EPS numbers throughout the year and while doing so the P/E differential will contract and shareholders will continue to pocket 3X the dividend cash. Well, if FDX meets or exceeds these low expectations, UPS will also benefit and it should set us up nicely for our own report next month.