Bernstein hikes Fedex PT as Middle East conflict pushes up airfreight rates

Bernstein raises price target on Fedex Corp FDX.N to $457 from $427; reiterates "outperform" rating

New PT represents a 19% upside to stock's last close

Brokerage says Middle East conflict adds a new dynamic to the equation - better airfreight rates

Notes conflicts raise airfreight prices as planes take longer routes, capacity drops and surcharges increase

Adds that while some of that increase in rates will go toward covering higher fuel costs, operators like FDX run more efficient equipment with better mix, allowing some of this benefit to be retained

Median PT of 30 brokerages covering the stock is $400 - data compiled by LSEG

As of last close, FDX up 1.5% YTD