Shares of FedEx Corp (FDX  ) spiked in early trading on Thursday after the company reported its quarterly results and gained market share.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

Morgan Stanley On FedEx

Analyst Ravi Shanker maintained an Equal-Weight rating while raising the price target from $200 to $205.

Although FedEx reported an earnings beat of a healthy 20% for the fiscal first quarter, its "FY (unadj.) guidance was cut by 1% and FY (adj.) guidance raised by only 1% at the midpoint," Shanker said in a note.

"Whether this is the result of conservatism or timing or sustainability of F1Q gains, it is tough to extrapolate F1Q numbers from here," he added.

Stephens On FedEx

Analyst Jack Atkins reiterated an Overweight rating and price target of $290.

The earnings upside was driven by FedEx Ground, "which reported an operating margin of 13.3% (190 bps better than our forecast and +480 bps y/y) due to stronger volumes (+0.6% y/ y vs. our -4.0% y/y forecast)," Atkins wrote.

Focus is on the impact of market share gains due to United Parcel Service, Inc.'s (UPS  ) labor negotiations on Ground's results, the analyst stated. "While FDX lowered its FY24 consolidated revenue expectation (now looking for flat y/y revenue vs. flat to up LSDs previously), its adj. EPS guidance is now $17.00-$18.50 vs. $16.50-$18.50 previously," he added.

Oppenheimer On FedEx

Analyst Scott Schneeberger reaffirmed a Perform rating on the stock.

FedEx's fiscal first-quarter results represented "a solid start to FY24," as the company resets, Schneeberger said.

While adjusted EPS exceeded the consensus estimates, the company's total revenues were slightly below, "while F1Q24 total adjusted operating income (+29% y/y), driven by FedEx's DRIVE expense reduction initiatives, meaningfully topped expectation," the analyst added.

FDX Price Action: Shares of FedEx had risen by 4.48% to $261.74 at the time of publication Thursday.