FedEx price target lowered to $280 from $285 at Raymond James

Raymond James lowered the firm’s price target on FedEx to $280 from $285 and keeps an Outperform rating on the shares. The firm believes change is coming following the recent DRIVE event that provided visibility into key changes that are likely set to drive better margins, earnings, and free cash flow in out years, and management’s shift in direction toward integrating its Express & Ground offering, its focus on attacking costs across various buckets, enhanced capital allocation scrutiny and a more shareholder-friendly capital return program all set the stage to drive improved returns, the analyst tells investors in a research note.