11:10 AM EDT, 06/25/2025 (MT Newswires) -- FedEx ( FDX ) posted impressive fiscal Q4 results with its Express unit delivering an incremental margin of almost 75%, one of the highest in the past decade, Deutsche Bank said Wednesday in a note.

"The Express pricing environment remains constructive," the report said, highlighting an 11% increase in international priority pricing from a year earlier, up from 7% in the prior quarter. Deutsche Bank cited positive momentum in home delivery and ground commercial.

Total global package volumes rose 5%, matching the Q3 pace as the strongest since Q4 2021, the report said.

While some bearish investors questioned whether volume gains came from "lower grade" categories, Deutsche Bank said that the results reflect FedEx's ( FDX ) strategy to prioritize network utilization. "Growth is not coming at the expense of margins," the report said.

Deutsche Bank maintained its buy rating on FedEx ( FDX ) shares and its $276 price target.

FedEx ( FDX ) shares fell 2.4% in recent trading Wednesday.

Price: 224.04, Change: -5.47, Percent Change: -2.38