FedEx price target raised to $240 from $200 at Argus

Argus analyst John Eade raised the firm’s price target on FedEx to $240 from $200 and keeps a Buy rating on the shares. The company has benefited from growth in the consumer sector and in e-commerce over the past few years, the analyst tells investors in a research note. Argus adds that FedEx balance sheet remains solid, and the new management team has recently signaled confidence in its outlook with a 53% dividend hike and an expanded share repurchase program.