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United Parcel Service (NYSE: UPS) received a number of price target changes and ratings updates during the last week:
¦United Parcel Service had its price target raised by analysts at Barclays Capital from $79.00 to $86.00. They now have an “equal weight” rating on the stock.
¦United Parcel Service was upgraded by analysts at Avondale Partners from an “underperform” rating to a “market perform” rating.
¦United Parcel Service was upgraded by analysts at Deutsche Bank from a “hold” rating to a “buy” rating. They wrote, “We have upgraded UPS To Buy (from Hold) as we now see a more aggressive capital deployment and fewer headwinds constraining share performance following this morning’s announcement that UPS will no longer purchase TNT Express. We believe investors had been cautious about its proposed acquisition of TNT Express. In conjunction with the merger termination, UPS will pay a one-time €200 million ($0.18/share, assuming a 34.5% effective tax rate and 962 diluted shares outstanding) breakup fee to TNT Express to walk away from the transaction as the European Commission’s case team informed UPS that it was working towards proposing a prohibition decision.”
¦United Parcel Service had its “neutral” rating reaffirmed by analysts at Bank of America. They now have a $84.00 price target on the stock, up previously from $79.00. They wrote, “Given the perceived overhang from management’s focus on the merger (note, the company surprised to the upside last quarter given its focus on cutting costs, so in reality, it was not de-focused), we believe there will be a relief rally in UPS’ shares. The stock has underperformed the market by 690 bps since its February 17, 2012 merger announcement (it is down 1.5% since announcement). We reiterate our Neutral, but raise our objective to $84 from $79, as we believe this does allow for potential margin expansion given managements renewed focus on core operations (using a 16.0x multiple from 15x, which remains right below its 16.7x-24.7x historical trading range).”
¦United Parcel Service had its “overweight” rating reaffirmed by analysts at JPMorgan Chase. They now have a $84.00 price target on the stock.
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