Citi analyst Christian Wetherbee upgraded FedEx (FDX) to Buy from Neutral with a price target of $240, up from $190. The analyst believes FedEx is showing increasing signs of cost control following its "missteps" in 2022. Wednesday’s announcement of officer/director headcount reductions is "incremental" and likely sets fiscal 2024 off to a good start for incremental cost momentum, says Citi. The firm also thinks the catalyst path around UPS’s (UPS) Teamsters deal is a positive with potential for some share gains and customer mix improvements. It sees "solid upside" for FedEx shares from the mid-$200s to $300.
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