Citi analyst Christian Wetherbee expects FedEx to use the $1B of new debt issued this week for share repurchases. The shipping giant recently changed its quarterly filing buyback language to include "opportunistic purchases," Wetherbee tells investors in a research note. He believes management sees "significant inherent value" in their shares at current levels. The debt issuance could fund the repurchase of up to 7M shares, the analyst points out. He thinks such an amount will bought back over a "fairly short" period of time. Wetherbee keeps a Buy rating on the stock with a $205 price target.