UPS price target raised to $215 from $200 at KeyBanc

KeyBanc analyst Todd Fowler raised the firm’s price target on UPS to $215 from $200 to reflect multiple expansion across coverage, while keeping an Overweight rating on the shares. The firm notes nea-term results were largely in line with its expectations. However, outlook commentary was more detailed than expected and centered on realistic base/bear scenarios with indications for a new labor agreement prior to expiration, KeyBanc adds. Despite slightly lower volumes, U.S. Domestic margins are expected to improve in a base case, with bear-case earnings and margins well ahead of pre-pandemic levels, the firm says.