(Updated to include BofA's commentary)

BofA Securities raised its price target on FedEx (FDX) to $440 from $431 following the company's fiscal Q3 results and raised full-year earnings per share guidance, analyst Ken Hoexter wrote in a Thursday note.

"FedEx is showing solid momentum in winning share and managing its costs and network transformation in what remains a volatile global trade backdrop," Hoexter said.

The brokerage raised its estimates given mid-teens operating income CAGR (ex-Freight) expectations through 2029, momentum in the company's network integration, profitable share gains, yield discipline, as well as upcoming Freight spin.

FedEx has an average rating of overweight and mean price target of $407.48, according to analysts polled by FactSet.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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