Citi analyst Christian Wetherbee lowered the firm’s price target on UPS to $160 from $180 and keeps a Buy rating on the shares post the Q3 report. UPS has struggled to accurately predict its volume post-pandemic and, as a result, it has been incorrectly resourced for much of the last 12 months, the analyst tells investors in a research note. Add to that the headwinds presented by year one of the Teamster contract and the Q3 results and 2023 guidance are more understandable, says the firm. Citi believes the shares are likely to be range-bound until the Q4 results and 2024 outlook.
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