JPMorgan ups FedEx to Overweight with $460 target; leads $15 B loan deal
JPM•JPMorgan analysts raised FedEx’s rating to Overweight and lifted its price target to $460 ahead of the June 1 Freight spin-off and fiscal Q4 earnings on June 23. Separately, JPMorgan Chase & Co.-led banks set final terms on a $15 billion Warner Bros. Discovery refinancing at 2.5% over benchmark, issued at 99.75 cents.
1. Equity Research Upgrade on FedEx
JPMorgan’s equity research team upgraded FedEx’s rating to Overweight and raised its price target to $460, citing visible structural improvements from its Network 2.0 initiative. The analysts highlighted the June 1 Freight spin-off and the company’s fiscal fourth-quarter earnings release on June 23 as near-term catalysts toward achieving cyclic-year 2029 performance targets.
2. Lead Role in $15 Billion Warner Bros. Loan
JPMorgan Chase & Co.-led banks finalized a $15 billion loan package for Warner Bros. Discovery, comprising $13 billion of investment-grade loans and €1.72 billion at margins of 2.5 percentage points above benchmark, issued at 99.75 cents. The upsized financing will refinance a $15 billion bridge facility ahead of Paramount Skydance’s proposed $110 billion acquisition, reinforcing JPMorgan’s investment banking revenue in robust credit markets.
