FedEx price target raised to $300 from $280 at Barclays

Barclays analyst Brandon Oglenski raised the firm’s price target on FedEx to $300 from $280 and keeps an Overweight rating on the shares. The company’s’ fiscal Q2 results are likely to reflect a weak macro backdrop, but gains from UPS and Yellow should at least partially offset while investors seek tangible evidence of cost reductions, the analyst tells investors in a research note. The firm says FedEx shares represent “deep long-term value” if the merger of Express and Ground operations is successful.