FedEx will benefit from hundreds of millions of vaccine doses that will need delivery, Citi says

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A FedEx delivery truck is seen on August 07, 2019 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images

Once a Covid-19 vaccine hits the market it will need to be widely distributed, and companies like FedEx stand to benefit, Citi said Thursday while reiterating its buy rating on the stock.

In a note to clients titled "stars aligning" the firm raised its price target on the stock to a Street high of $235, which is about 17% above where the stock currently trades. The firm's prior forecast was $170.