FedEx price target raised to $340 from $323 at UBS

UBS analyst Thomas Wadewitz raised the firm’s price target on FedEx to $340 from $323 and keeps a Buy rating on the shares. FedEx’s Q3 EPS was 13% above consensus estimates, with Express the primary driver of upside, the analyst tells investors in a research note. Within Express, UBS estimates roughly $100M of benefits from less-than-expected incentive comp accrual and much less impact from snowstorms that hit Memphis as FedEx utilized capacity in their Ground and Freight networks to provide resilience.