** At least two brokerages initiate coverage on FedEx Freight FDXF.N

** Shares of the company rise nearly 3% to $154 in morning trading

** BofA says FDXF is well-positioned to unlock value driven by leaner cost structure and tighter focus on its core less-than-truckload (LTL) operations

** Truist Securities says FDXF will benefit from strong customer retention, diversified end markets, and excess network capacity

** However, brokerage notes that FDXF is targeting only a 15% operating margin, which is below its historical level of around 19%, even though the company expects a more favorable freight environment over time

** Median PT of three brokerages covering the stock is $155 - data compiled by LSEG

** Including session's moves, stock up ~2% YTD