UPS (UPS) PT Raised to $164 at BofA Securities

BofA Securities analyst Ken Hoexter raised the price target on UPS (NYSE: UPS) to $164.00 while maintaining a Neutral rating.

The analyst said: "We reiterate our Neutral, but raise our PO to $164, on a 19.5x target multiple (from 18.5x) as we recognize our estimates might have upside bias given UPS' cost cutting and premium revenue focus. We remain within its 15x-23x historical range. UPS is hosting its analyst and investor day in Louisville today. We look to revisit our model and outlook following additional detail. Nevertheless, we highlight that the last few analysts day meetings have set 3-year targets that were above realized results, leading our relatively conservative outlook a good starting point. Nevertheless, a shift to higher premium revenues and cost reduction, and a depressed 2023 starting point given the lingering freight recession, could provide UPS a solid boost."

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