Wachovia Starts United Parcel Service (UPS) at Outperform
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Wachovia initiates coverage on United Parcel Service, Inc. (NYSE: UPS) with an Outperform rating, saying shares are undervalued.
The firm said, "We believe shares are undervalued and do not fully reflect UPS' deployment of its balance sheet, reduced pension risk, improving Supply Chain and Freight results, domestic market share gains in the small parcel market, as well as increased crossselling."
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