Bernstein upgraded FedEx (FDX) to Outperform from Market Perform with a price target of $427, up from $306. The shares can “continue to work” as improving parcel fundamentals and the freight spinoff make FedEx “uniquely attractive in a market looking for cyclical exposure,” the analyst tells investors in a research note. After updating its sum-of-the-parts framework, Bernstein believes the stock in the near to medium term can exceed $400.
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