- Morgan Stanley analyst Ravi Shanker reiterated an Underweight rating on the shares of United Parcel Service Inc (NYSE:UPS) and lowered the price target to $100 (39% downside) from $148.
- The analyst thinks UPS’ normalized EPS would be $8 – $9 versus $10 before and compared to the pre-pandemic level of $7.50.
- In addition, significant idiosyncratic risk from the Amazon.Com, Inc. (NASDAQ:AMZN) business potentially going from ‘Glide Down, to ‘Glide Out’ in 2023 and union contract renegotiations could push the normalized EPS even lower, added Shanker.
- The analyst does not expect the company to miss the upcoming Q3 FY22 earnings by anywhere close to the magnitude of that of FedEx Corp (NYSE:FDX).
- Related: Post-Pandemic Unwind? 4 FedEx Analysts Talk Pre-Earnings Miss
- The analyst attributed the reduction of estimates and price target to increased post-pandemic mean reversion risk, AMZN insourcing and competitive risk in 2023, as well as union contract negotiation risk in 2023.
- Price Action: UPS shares are trading higher by 1.36% at $163.74 on the last check Monday.
Lendway, Inc. Announces New Authorization To Repurchase Up To 400,000 Shares
Lendway, Inc. (NASDAQ:LDWY) ("Lendway") announced today that its Board of Directors has authorized a new stock repurchase program of up to 400,000 of the company's outstanding common stock, par value
