The firm increased its price target to $211 from $173 on the delivery service's stock.
On Wednesday, FedEx released its 2014 second quarter earnings results, which improved year-over-year, but fell short of analysts' expectations.
For the most recent quarter FedEx reported earnings of $616 million, or $2.14 per share, compared to the $500 million, or $1.57 per share reported for the 2013 second quarter.
Analysts polled by Zacks Investment Research expected the company to post earnings of $2.22 per share.
Revenue for the latest quarter was $11.94 billion, an increase of 5% over the year ago period. Analysts had forecast for $11.97 billion in revenue for the quarter.
Separately, TheStreet Ratings team rates FEDEX CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FEDEX CORP (FDX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."