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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 in Washington, DC.
Drew Angerer | Getty Images News

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

The firm on Wednesday raised its price target to $366 per share from $340, 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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