Investing.com -- JPMorgan upgraded FedEx to Overweight from Neutral on Wednesday, raising its price target to $460 from $432, as the bank's analysts said the stock offers an attractive opportunity ahead of a pivotal period for the logistics giant.

Analyst Brian Ossenbeck cited FedEx's planned separation of its Freight business on June 1 and the company's fiscal fourth-quarter earnings, scheduled for June 23 as two near-term catalysts.

Ossenbeck noted that JPMorgan has grown more confident in the company's ongoing restructuring efforts.

"The structural improvements underway at legacy Federal Express through Network 2.0 are increasingly visible as the last several quarters of solid execution put the company on a credible path to its CY29 targets," the analyst wrote.

The bank expects the newly independent freight unit, to be known as FDXF, to trade at a modest discount to less-than-truckload peers initially, but sees room for improvement.

JPMorgan wrote that it sees "a path to multiple expansion as the company demonstrates progress on its technology and commercial initiatives."

On investor interest, Ossenbeck noted that momentum has stalled but may soon recover. "Incremental interest from long-only investors in FDX has plateaued in our view, but should improve once the specific drivers and financials of RemainCo and Freight become visible post-spin," the note said.