Here comes FedEx...

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Here comes FedEx...

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Mark Lennihan/AP

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Delivery giant FedEx is set to release its third-quarter results after the bell on Tuesday. Here's what Wall Street analysts surveyed by Bloomberg are expecting:

  • Adjusted earnings per share (EPS): $3.10.
  • Revenue: $17.6 billion.

The report comes after FedEx slashed its earnings forecast last quarter, citing economic uncertainty in Europe and Asia. FedEx Express said it would not achieve its operating income goal of $1.5 billion by fiscal 2020.

Over the last year, shares have come under significant pressure, falling 27%, as analysts increasingly see Amazon's efforts in the logistics space as a viable threat.

FedEx's relatively low valuation has gained some attention recently as investors "debate the company's path forward on earnings," said Barclays analyst Brandon Oglenski in a note to clients sent out on Monday.

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Shares are currently trading at 10 times forward earnings, versus the S&P 500's ratio of just over 16 times. In other words, the stock may be viewed as cheap relative to the broader market.

"While we agree valuation is tempting, management will have to provide a clearer picture for improving European results while also dealing with slower global demand and a likely higher capital spending outlook," Oglenski wrote.

Now read more FedEx coverage from Business Insider:

FedEx shares.

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FedEx shares.

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