UPS (UPS) PT Raised to $247 at Stifel

Stifel analyst J. Bruce Chan raised the price target on UPS (NYSE: UPS) to $247.00 (from $245.00) while maintaining a Buy rating following recent results.

The analyst commented, "UPS fired on all of its big brown cylinders in 4Q21, closing the year with record revenues, operating profit, and the best quarterly adjusted OR in over a decade. Despite operating pressure from Omicron, and some headwinds to retail activity, especially later in the quarter, continued yield momentum, continued focus on revenue quality and business mix, and continued incremental operating improvements pushed adjusted EPS to $3.59, 18% above our $3.05 estimate and 16% ahead of the $3.10 Consensus. Given progress with its "Better Not Bigger" plan, the company pulled guidance for 2023 forward to 2022, with targets for $102bn revenue, ~13.7% adjusted operating margin, and ROIC >30%. At last year's analyst day, investors may have felt that mid-term targets were conservative, but as we sit here just over six months later, we think investors should be pleased with the level of execution on a strategy that still has legs."

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