FedEx price target raised to $280 from $240 at Barclays

Barclays analyst Brandon Oglenski raised the firm’s price target on FedEx to $280 from $240 and keeps an Overweight rating on the shares post the Q3 results. The quarter beat low investor expectations and the higher guidance should drive a valuation recovery in the shares heading into next month’s "DRIVE" cost reduction focused meeting, the analyst tells investors in a research note. However, challenges at Express remain, which management must address, says the firm.