The company’s management expects its operating margins to expand in fiscal 2023, driven by better revenue quality and increased reliance on technology. The S&P500 has now entered the bear market territory with rising concerns of slowing economic growth given the high inflation, Fed action, and supply chain disruptions. We estimate FedEx’s valuation to be $299 per share, reflecting a 30% upside from its current market price of $230, implying that investors are likely to be better off buying FDX stock in the recent dip for solid gains in the long-term.