FedEx price target raised to $280 from $250 at Wells Fargo

Wells Fargo raised the firm’s price target on FedEx (FDX) to $280 from $250 and keeps an Equal Weight rating on the shares. The firm notes it traveled with FedEx CFO and IR and came away incrementally constructive on the company’s cost out, network reconfiguration opportunity, and greater free cash flow focus. FedEx’s story is evolving into Investor Day ahead if its network merger and spin, Wells adds.