FedEx price target raised to $350 from $311 at UBS

UBS raised the firm’s price target on FedEx (FDX) to $350 from $311 and keeps a Buy rating on the shares. FedEx’s plan to separate the package and LTL businesses provides support for the stock in the near-term and should unlock value for shareholders in the medium-term due to higher valuation of the LTL businesses, the analyst tells investors in a research note. FedEx provided a solid initial framework for the separation, and UBS expects a positive initial response to both the separation plan and the Q2 upside.