Deutsche Bank thinks FedEx’s quarterly report next month could send the stock up. The company raised its price target to $282 from $240 a share on Wednesday, while maintaining a buy rating. The forecast change implies a roughly 25% gain for the stock from Wednesday’s closing price of $225.89. “We believe the upcoming results from FedEx next month could be a meaningful positive catalyst for the stock. We see little to no risk this quarter and we’re very positive. on 2024 earnings potential and guidance regarding consensus,” Deutsche Bank analyst Amrit Mehrotra said in a note Wednesday. FDX YTD climbs FedEx stock in 2023. FedEx is expected to report fourth-quarter financial results on June 20. Mehrotra noted that, although he expects quarterly earnings to be slightly lower than at consensus, but fiscal 2024 guidance should be positive. “Things are going to be interesting… when evaluating the full year 2024 guidance,” he said. Mehrotra said he expects FedEx to issue earnings per share guidance of $20.15 per share for the fiscal year, also 11% above current consensus estimates. There are even more upsides to Deutsche’s bullish case, said Mehrotra, as FedEx was only able to report half of its $4 billion cost target. “We estimate this translates to an extra $1-2 over our FY2024 EPS estimate (meaning EPS over $21 per share, 19% higher than current consensus level),” he said. FedEx shares rose slightly in the crypto market. Shares have been on fire this year, up 30%. — Michael Bloom of CNBC contributed to this report.