FedEx and UPS:

Forget GARP, We’ve Reached GASP – Growth at a Superb Price

February 10, 2021

Download the Recent Research

“By completing this form you agree to the processing of your personal information submitted through this form in accordance with CFRA’s Privacy Notice located at and the receipt of communications about CFRA and CFRA’s services.”

Key Takeaways


  • Package delivery firms are generating some of the fastest e-commerce-related revenue growth amid the pandemic online shopping boom.

  • This will continue in 2021-2022, in our view, beating sell-side expectations for a tapering of growth after the pandemic. 

  • Robust package volume and pricing growth is occurring simultaneously with lower fuel costs and efficiency improvements following a recent investment surge in automated logistics.

  • Similar to 2020, FedEx (FDX 258 *****) and UPS (UPS 166 *****) will generate robust earnings growth on these tailwinds in 2021-2022, in our view, leading the market to eventually drive up their heavily discounted valuations relative to the S&P 500 and other e-commerce beneficiaries.



For additional research visit