UPS upgraded to Peer Perform after selloff at Wolfe Research

Wolfe Research analyst Scott Group last night upgraded UPS to Peer Perform from Underperform without a price target. The stock fell 10% after the company reported in-line Q1 earnings, as UPS lowered its full-year guidance and materially guided down Q2 expectations, the analyst tells investors in a research note. The firm reduced earnings estimates, but upgraded the shares after the big pullback. Domestic parcel pricing is holding up well, and buybacks can re-accelerate after a Teamsters deal, contends the firm.