FedEx price target raised to $348 from $325 at BofA

BofA raised the firm’s price target on FedEx (FDX) to $348 from $325 and keeps a Buy rating on the shares after the company announced it will pursue a full separation of FedEx Freight to create a new publicly traded company within the next 18-months. The firm, which believes the separation is set to unlock value potential as it creates the largest pure-play public North American less-than-truckload carrier, notes that its sum-of-the-parts value suggests “significant value potential” at $348 per share.