Bernstein raises FedEx PT on reduced cost of operations
** Bernstein raises FedEx FDX.NPT to $337 from $305, betting on U.S. Federal Reserve's interest cut and the company's Drive and Network 2.0 programs for cost cutting
** New PT represents a 17.7% upside to the stock's last close
** Bernstein says FedEx is still weighed down by the loss United States Postal Service contract in April
** "We also like the optionality in the Freight spin, but acknowledge risk to the equity should the company show any sign of not following through on that front," brokerage says
** Bernstein rates the stock "outperform", expects stock to do "favorably" due to "future potential despite current challenges"
**23 of 32 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell" or lower; their median PT is $332.5
** Up to Friday's close, stock had risen 13.21% this year
Reporting by Soumendra Mukherjee
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