FedEx's Chin-Scratching Upgrade

Early in my career, when I worked at Merrill Lynch, a corporate-level stock analyst came to my local branch office in Delaware to speak to the "troops on the ground" on our own turf, rather than via the Squawk Box. When he finished his presentation and invited questions, I asked him what he did if a stock he liked had reached his published target price. His answer always stuck with me: He said he simply raises his goal price.

That appears to have occurred with FedEx (FDX). J.P. Morgan had carried FedEx as "neutral" as the stock gyrated between $85 and $127. Premarket on Tuesday, they caved and upgraded the stock to a Buy. The shares tacked on another 1.8% by 4 p.m. in a strong market....314 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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