FedEx price target raised to $320 from $305 at Raymond James

Raymond James raised the firm’s price target on FedEx (FDX) to $320 from $305 and keeps an Outperform rating on the shares following last night’s results and Freight spin announcement. “Palpable change is afoot” as FedEx’s “DRIVE initiatives” continue taking hold likely driving better margins, earnings, and free cash flow in out years than appreciated, the analyst tells investors in a research note. The firm believes the recently announced spin-out of FedEx Freight into a standalone company “should serve as a value-unlocking event.”