UPS price target lowered to $95 from $100 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker lowered the firm’s price target on UPS to $95 from $100 and keeps an Underweight rating on the shares. The Q4 miss and FY24 guidance “keeps earnings in the ~$8-9 range” despite a $1B cost cutting plan, says the analyst, who continues to believe that “this is the normalized earnings level rather than a cyclical trough.”