FedEx Corp (NYSE:FDX) is one of the best stocks to buy according to billionaire Bill Gates.
FedEx shares are up more than 50% over the past six months and have soared more than 85% over the past year
Analysts see more upside in the stock. On June 1, FedEx Corp (NYSE:FDX) completed the spinoff of its freight business into a separate publicly traded company called FedEx Freight (NYSE:FDXF). FedEx Freight shares began trading on the same day, with BofA Securities initiating the stock with a Buy rating and a price target of $185.
FedEx Freight is primarily focused on the less-than-truckload shipping business, and it’s the market leader with roughly 16% market share. FedEx retained a 19.9% stake in FedEx Freight. Before the spinoff, this business represented around 9% of FedEx’s revenues at about $9 billion per year.