BUZZ-BofA lifts FedEx and UPS rating; shares rise

Reuters01-10
BUZZ-BofA lifts FedEx and UPS rating; shares rise

** BofA raises rating and PT for FedEx FDX.N and UPS UPS.N as both companies leverage AI to build network density and boost margins

** Shares of FDX up about 1% to $311.5, and UPS up 1% to $108.1 in morning trade

** Brokerage lifts FDX to "buy" from "neutral"; PT at $365 from $315

** Says FDX delivers on its cost-reduction initiatives, and has moved to spin out FedEx Freight

** Brokerage says it believes the separation is set to unlock value potential as it creates the largest pure-play public North American less-than-truckload $(LTL)$ carrier

** Lifts UPS to "neutral" from "underperform"; PT at $114 from $99

** Brokerage says UPS countered the end of de minimis volumes with record cost cutting moves and service center shutdowns

(Reporting by Parth Chandna)

((Parth.Chandna@thomsonreuters.com;))

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