JPMorgan upgrades FedEx, believes blowout earnings mean good things for UPS too

A FedEx delivery truck is seen on August 07, 2019 in Fort Lauderdale, Florida.
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Shares of FedEx jumped more than 16% in early trading on Wednesday after the company's earnings topped analyst estimates in the fourth quarter, and JPMorgan believes the shipper will continue to outperform.

The firm upgraded the stock to an overweight rating on Wednesday, after holding a neutral rating on shares since March 2019.

Central to analyst Brian Ossenbeck's bull thesis on the stock is FedEx's ability to raise prices, which he believes could ultimately help competitor UPS as well.