Deutsche Bank thinks FedEx ‘s quarterly report next month can lead to a big move higher for the stock. The firm raised its price target to $282 from $240 per share Wednesday, while maintaining a buy rating. The forecast change implies about 25% upside for the stock from Wednesday’s closing price of $225.89. “We believe upcoming results from FedEx next month can be a meaningful positive catalyst for shares. We see little to no risk on the quarter itself, and we are very positive on the potential for 2024 earnings and guidance relative to consensus,” Deutsche Bank analyst Amrit Mehrotra said in a Wednesday note. FDX YTD mountain FedEx stock in 2023. FedEx is slated to report fiscal fourth-quarter results on June 20. Mehrotra noted while he expects quarterly earnings slightly below consensus, the fiscal 2024 guidance will be positive. “Things will get interesting … when assessing 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, which is also 11% higher than current consensus estimates. There’s even more upside to Deutsche’s bull case, Mehrotra says, as FedEx could report only half a $4 billion cost target. “We estimate this would translate to $1-2 of additional upside to our fiscal 2024 EPS estimate (implying EPS of over $21 per share, which would be 19% above current consensus),” he said. FedEx shares rose slightly in the premarket. The stock has been on fire this year, rallying 30%. — CNBC’s Michael Bloom contributed to this report.