Jim Cramer sees an additional 25% upside for our newest stock due to this catalyst

Jim Cramer thinks FedEx stock can go even higher after the delivery giant separates its freight business. "This thing is going to be worth dramatically more after the spin-off," Jim said Tuesday on CNBC. "You're going to say, 'Why isn't this stock at $500?'" That level implies roughly 25% upside from current levels. FedEx, our newest Club stock, has already climbed 38% year to date as investors grow more optimistic about the company's transformation under CEO Raj Subramaniam. A key part of our bullish thesis centers on FedEx's planned separation of its freight division on June 1. We're not alone. Wells Fargo described the FedEx Freight split as a compelling "self-help" story in an improving trucking market. The analysts cited pricing power and lower costs. Last week, Citi brought up cost savings, as well as improved profitability, while saying it continues to be "cognizant of Amazon risk." Jim dismissed concerns that FedEx faces a growing competitive threat from Amazon Supply Chain Services. Earlier this month on "Mad Money," Subramaniam downplayed Amazon's latest logistics push, calling it more of a third-party offering. While also participating in that business, Subramaniam said it represents only a small portion of the company's overall revenue. FedEx's third-party logistics segment "is about a $2 billion business," Subramaniam told Jim. …