FedEx price target raised to $280 from $235 at TD Cowen

TD Cowen analyst Helane Becker raised the firm’s price target on FedEx to $280 from $235 and keeps an Outperform rating on the shares. The analyst noted FedEx announced a new organizational structure that will realign executive offices and consolidate operating companies into one organization. The goal of the new structure is to facilitate the implementation of DRIVE and network 2.0 cost reductions which should be completed by 2025 and 2027 respectively.