BofA initiated coverage of FedEx Freight (FDXF), which is being spun-out of FedEx (FDX), with a Buy rating and $185 price target. FedEx Freight, the largest less-than-truckload carrier with an approximate 16% market share and $28B market cap, underwent a meaningful overhaul under president and CEO John Smith during his prior tenure, says the firm, which views his return as supportive of execution as the company transitions to a standalone entity.
