Stifel this morning upgraded shipping giant FedEx Corporation (NYSE: FDX) to a "buy" from a "hold" rating, and lifted its price target to $281 from $175. The analyst called FedEx a "pandemic winner" and said its rally off its early-2020 lows has been warranted. Stifel thinks the company can keep up its recent momentum, given the acceleration in digital commerce trends. In response, FDX is up 1.4% at $244.83, inching back toward its Sept. 16, two-year peak of $256.08. 

FedEx stock's journey higher since March has been nothing short of impressive. The equity enjoyed two sizable bull gaps in July and August, respectively, which toppled its pre-pandemic levels near the $165 mark. Since then, FDX has been notching new annual highs on an almost weekly basis, with pullbacks tightly contained by the 10-day moving average. 

(Click on image to enlarge)

The majority of analysts covering FDX are already on board with the stock. Coming into today, 13 called it a "buy" or better, compared to eight "hold" ratings. Meanwhile, the 12-month consensus price target of $281.92 is a 15.5% premium to current levels. 

The options pits have been quite bullish, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), FDX sports a 50-day call/put volume ratio of 3.22, which stands higher than 97% of readings from the past 12 month. This implies a much healthier-than-usual appetite for long calls of late. 

With this in mind, investors looking to get in on FedEx stock's next move might want to consider options. The security's Schaeffer's Volatility Index (SVI) of 39% sits in the relatively low 13th percentile of its annual range. This means option traders are pricing in relatively low volatility expectations at the moment. What's more, the equity's Schaeffer's Volatility Scorecard (SVS) ranks at 82 out of a possible 100, implying that FDX has tended to exceed volatility expectations in the past year -- a boon for option buyers.