Deutsche Bank is changing its perspective on United Parcel Service, believing macro concerns are now priced into the stock.
Deutsche Bank is changing its perspective on United Parcel Service , believing macro concerns are now priced into the stock. Analyst Amit Mehrotra upgraded shares of the transport company to buy from hold and lifted the bank's price target to $220 from $197 a share. The new target implies upside of 22.3% from Monday's close of $179.91. Earlier concerns of a shifting macro environment and labor contract negotiations are already reflected in the shares, Mehrotra said.
Shares of UPS have come under pressure this year, falling 16% amid a murky macro picture. The stock's gained 7% this month, however. Going forward, Mehrotra expects forthcoming teamster contract negotiations to fare "more benign than expected." He also highlighted the company's continued ability to generate solid operating performance in this difficult environment.
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