Bernstein analyst David Vernon lowered the firm’s price target on UPS to $202 from $221 and keeps an Outperform rating on the shares. The firm said the company’s quarterly operating miss was more significant as adjusted results had a 19c benefit from a very low tax rate. The company keeps cutting, but the good news is that starting in Q1 labor costs have a pretty strong offset, the analyst tells investors in a research note.
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