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Deutsche Bank upgrades FedEx on strong outlook

Yahoo Finance’s Sibile Marcellus joins Kristin Myers to discuss why the bank thinks FedEx is poised for a big quarter.

Video Transcript

KRISTEN MYERS: And FedEx is also getting a big boost today from Deutsche Bank. So for more on this, we're joined now by Yahoo Finance's Sibile Marcellus. Hey, Sibile.

SIBILE MARCELLUS: That's right. So Deutsche Bank has actually upgraded its rating for FedEx from hold to buy. And this actually gives FedEx the same rating, according to Deutsche Bank, as its fiercest competitor, UPS. Now, there are two main reasons why Deutsche Bank is so bullish on the stock, number one, the holiday season.

It's starting soon, and that's going to be huge for the next quarter for FedEx in shipping packages to people trying to give gifts to family and friends. The second reason is if a coronavirus vaccine gets approved soon, then FedEx would likely be tasked with shipping the vaccine to people who need it. So Deutsche Bank does see that as another thing driving the stock further.

Now, Deutsche Bank has a price objective of $318. The stock is currently trading at about $255 a share, so Deutsche Bank obviously seeing significant upside there. Now, other analysts from other firms have also upgraded their rating of FedEx's stock, and year to date, it's performed quite well. It's up 69%.

KRISTEN MYERS: All right, thanks so much, Sibile.