There's one analyst who thinks FedEx stock can climb higher.

Bernstein's David Vernon upgraded the stock to outperform from market perform and bumped his price target to $290 from $257. Vernon now has one of the highest price targets on Wall Street, although trails that of Merrill Lynch's Ken Hoexter, who carries a $315 target.

The target implies about 17% upside from current level and should FedEx stock hit the mark, it would easily surpass its prior highs.

Shares of FedEx (FDX) rallied 2.77% to $252.22 on Friday. However, the stock's 52-week high sits at almost $275, comfortably above current levels.

So why is Vernon so bullish on FedEx? He argues that a strong global economy and rising interest rates will continue to drive revenue and earnings growth. Demand for business-to-consumer delivery and a "tightening domestic transportation market" will help, too.

While spending will remain elevated in the short term, the company won't maintain this type of capital expenditure rate forever, he added.

Interestingly, United Parcel Service (UPS) received a downgrade from Deutsche Bank analyst Amit Mehrotra on Friday as well. He downgraded the stock from buy to hold, arguing that there are a lack of positive catalysts to take the stock higher.

Management needs to "articulate a sound strategy to strike the right balance between price and volumes vis-à-vis Amazon (AMZN) ," Mehrotra added.

Finally, he pointed to the company's huge CapEx demands, as investment spending continue to increase at a rapid pace.

Mehrotra has a $115 price target, which actually implies about 9.5% upside from current levels. UPS stock was down about 0.5% for much of Friday's session, before rebounding in the last half-hour of trading, where it closed at $105.61, up 0.5%. While the rebound was encouraging, keep in mind that the stock is down more than 20% from the highs it made new near $135 about a month ago.

Despite the underperformance, lackluster earnings and high spending, TheStreet's Rol Orol says an activist is unlikely to take on UPS. While activists rarely seem shy to take on a large company -- such as General Electric (GE) or Procter & Gamble (PG) -- activists tend to stay away from logistics companies.

While on the surface, UPS seems like it would be an easy target thanks to its plethora of inefficiencies, the way its shares are structured would make any work by an activist rather difficult. That's why, for better or for worse, most will avoid the name.

In that sense, maybe going with FedEx stock is the better call.

Amazon and General Electric are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AMZN or GE? Learn more now.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.

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