Shares of FedEx are getting a pop Friday after the package delivery company beat profit forecasts for the quarter and raised expectations for the year.
The stock has more than doubled in price over the past year as the health crisis caused a spike in package delivery orders.
The earnings surprise prompted many analysts to raise price targets on Friday, betting there's even more room for the stock to move higher.
Not only was FedEx able to benefit from the boom in demand for shipping, it also was able to lift prices.
Revenues surged to $21.5 billion during the December to February quarter, due in large part to the half billion holiday package deliveries and vaccine shipments FedEx made during that period.
Results for the quarter would've been even stronger if it wasn't for a fierce February winter storm that disrupted operations at three key facilities.
FedEx Ground, which largely serves as the delivery service for e-commerce shipping partners like Walmart, saw a hefty boost in business...up 25 percent during the quarter.
The strong results - reviving the Wall Street debate on which stock is better to own: FedEx or UPS.
Judging from early Friday stock market action, FedEx has the edge. Its stock was up more 6 percent, while shares of rival UPS were up roughly 3 percent.