Why UPS Stock Is Down Today
A Wall Street analyst is souring on United Parcel Service (NYSE: UPS), and the stock is losing ground on the news. Shares of UPS traded down 3% as of 1:15 p.m. ET after the stock was downgraded to underweight at Barclays.
UPS and other shipping companies have been stuck in neutral of late. Concerns about the economy have made large shipping customers cautious, creating soft demand and limiting pricing power. A new UPS labor deal has further complicated the company's outlook, creating difficult year-over-year cost comparisons.
Barclays analyst Brandon Oglenski does not see the situation turning in UPS' favor anytime soon. The analyst downgraded the stock to underweight, from equal weight, and maintained a $120-per-share price target.
Source Fool.com
United Parcel Service Inc. Aktie
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