UPS price target lowered to $167 from $177 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on UPS to $167 from $177 and keeps a Neutral rating on the shares after having hosted a sell-side breakfast at the NYSE with the company’s CEO, CFO and other executives. UPS CEO Carol Tome highlighted a challenging backdrop, particularly in the small package market, the analyst tells investors. The firm sees risk to Domestic margins in the second half given a macro overhang and steep Year 1 Teamster wage hikes and lowered its second half estimates following the meeting.