FedEx price target raised to $240 from $225 at Wells Fargo

Wells Fargo analyst Allison Poliniak-Cusic raised the firm’s price target on FedEx to $240 from $225 and keeps an Equal Weight rating on the shares. FedEx shares should move higher on the solid beat and raise for Q3 and FY23 given expectations for a softer Q3, the analyst tells investors in a research note. Upside was largely driven by cost actions while volumes continue to weigh on results, the firm says.