FedEx price target raised to $412 from $314 at UBS

UBS analyst Thomas Wadewitz raised the firm’s price target on FedEx (FDX) to $412 from $314 and keeps a Buy rating on the shares. FedEx is expected to outline multiyear targets showing a path for FedEx Express margins to move toward the historical 10% level through incremental cost savings, pricing, and higher-quality revenue growth, the analyst tells investors in a research note. Updates to the Network 2.0 program and additional efficiency initiatives should highlight further margin upside and suggest meaningful remaining upside potential for the stock despite its recent rally, UBS says.