Deutsche Bank analyst Amit Mehrotra, in a note partially titled "Not Perfect, But Good Enough," said FedEx's report gave bulls good Ground margins and EPS growth, while bears will point to the capex guidance of $5.9B as support for their argument that the company lacks capex discipline. The analyst raised his price target on FedEx to $235 from $210, which he notes is largely reflective of a roll forward rather than any major changes to his estimates. Mehrotra keeps a Buy rating on FedEx shares, as he think "the bulls win out" over the mid and long-term since as he believes its lower tax rate is sustainable and its guidance implies underlying operating margin expansion.