Bernstein analyst David Vernon raised the firm's price target on FedEx (FDX) to $320 from $316 and keeps a Market Perform rating on the shares. FedEx reported a modest beat to EPS vs. Street expectations, though management cut guidance for FY25, inclusive of a higher restructuring budget, and confirmed plans to spin the LTL freight business in 18 months, the analyst tells investors in a research note. While stronger performance at Express is encouraging, a weaker Freight outlook and the prospect of additional costs to separate the business complicate the sum-of-parts math, Bernstein says.