As previously reported, Bernstein analyst David Vernon upgraded FedEx to Outperform from Market Perform and increased his price target to $290 from $257, saying he expects revenue and earnings growth to be driven by a strengthening global economy and rising interest rates, the tightening domestic transportation market and demand for B2C delivery. Vernon added that the company's capex "can't stay this high forever," but that it will stay high for a while, as he expects FedEx to "raise the capital ante again" in the next 12 months for its Memphis upgrade.