Analysts, shareholders (and would-be shareholders), and many others no doubt will be keeping on eye on Memphis-based FedEx Corp. (NYSE: FDX), the global leader in express transport and delivery, when it reports Q4 2007 earnings next Wednesday, June 20. Many consider FedEx to be a bellwether for the economy.

Since FedEx reported a mild Q3 back in March, the trend of its share price hasn't been especially impressive these past three months. Blame it on the economy, fuel costs, the weather, or stiff competition from rivals United Parcel Service (NYSE: UPS) and DHL, a Deutsche Post (LSE: DPO) company, but FedEx has struggled of late, as reflected perhaps in the BloggingStocks Battle of the Brands match-up: FedEx vs. UPS. Analysts' feelings are mixed on FedEx as well, and the company does still face such troubles as discrimination lawsuits.

But it's no accident that FedEx is within the Fortune 500's top ranks. It continues to expand, both domestically and internationally, and stands to benefit from impending increased air traffic between China and the United States. General Motors (NYSE: GM) recently declared FedEx its 2006 Supplier of the Year, and the FAA has given FedEx a vote of confidence as well. And in May, FedEx announced a 10% boost in its cash dividend, to ten cents per share. The Motley Fool thinks FedEx may be a bargain, as well.

According to Thomson Financial, the brokers' consensus on FedEx is buy (6 buy, 7 strong buy, 7 hold). Its P/E is 15.89 (compared to 11.96 industry average), and its market cap is $33.16 billion. When FedEx reports earnings next week, Wall Street is expecting revenue of $9.14 billion, or earnings per share of $1.89, compared to $1.82 actual last quarter, and $1.35 a year ago. Its price target is $124.42; the 52-week low was $97.79 in August 2006 and the high was $121.42 near the end of this past February. FedEx closed Wednesday at $108.82.