Barclays analyst Brandon Oglenski thinks FedEx could be nearing a bottom in earnings performance, representing a "potential value opportunity" as the market seeks cyclical exposure. The analyst, who admits he's "less bullish" on the company's fundamental outlook, keeps an Overweight rating on the shares with a $185 price target. Soft international trade outcomes will still weigh on FedEx's earnings, but the previous significant reduction to its fiscal 2020 guidance appears to account for current weakness, Oglenski tells investors in a research note.