BNP Paribas Exane analyst Hugo Watkins upgraded FedEx (FDX) to Outperform from Underperform with a price target of $270, up from $230. While the U.S. domestic parcel market remains competitive and Amazon (AMZN) continues to present a major challenge to incumbents, FedEx is outperforming on both volume and yield growth on a relative basis and the shares are “arguably oversold,” the analyst tells investors.
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