FedEx rises after Jefferies upgrades to 'buy' on cost-cutting efforts

Parcel delivery firm FedEx's FDX.N shares rise 1% to ~$233 premarket

Jefferies raises FDX's rating to "buy" from "hold"

"With the market overly distracted by the macro, we think investors are now ignoring the idiosyncratic cost transformations going on at FDX" - brokerage

Says co's Network 2.0 and Tri-Color Initiative will be "meaningful contributors" to profit growth over the next two years

Brokerage, however, cuts PT to $275 from $300

Last week, FDX lowered its annual results forecasts on "uncertainty" in the U.S. industrial economy

21 of 33 brokerages rate the stock "buy" or higher, 9 "hold" and 3 "sell"; median PT is $300 - LSEG

As of last close, stock down 18% YTD