Wells Fargo analyst Allison Poliniak-Cusic initiated coverage of FedEx with an Outperform rating and $189 price target. In a research note to investors, the analyst says she believes shares have well priced the issues of lower volumes in Express from international weakness, ongoing issues with the TNT integration and increased expenses from investments into the shares and sees upside potential to shares based on the view that FY20 could prove to be the trough in earnings as the TNT integration moves toward completion, international demand stabilizes or inflects higher when/if a trade agreement materializes, and FedEx grows into its recent investments, acting as catalysts for the shares.