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FedEx’s upside is growing ahead of its earnings report, JPMorgan says

A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC.

Drew Angerer | Getty Images News

FedEx‘s upcoming earnings report should set the stage for the stock to take another the leg higher in the months ahead, according to JPMorgan.

The firm raised its price target to $366 per share from $340 on the stock Wednesday, representing upside of more than 17%.

FedEx outperformed the broader market in 2020 as the pandemic caused a surge in e-commerce demand. The stock has remained strong in 2021, rising more than 19% year to date.

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