FedEx price target raised to $264 from $242 at Stifel

Stifel analyst J. Bruce Chan raised the firm’s price target on FedEx to $264 from $242 and keeps a Buy rating on the shares after the company hosted an investor event to provide details around its previously-announced DRIVE cost savings initiative and announced plans for an Express and Ground network integration. There are further, significant cost savings that could result from this undertaking beyond the $4B DRIVE initiative, though they come with risks, says Stifel, which adds that it " left the event with more confidence in our near-term targets."