Why UPS Stock Just Dropped
Last week, an earnings warning from FedEx (NYSE: FDX) torpedoed the entire transportation sector, devastating shares of FedEx itself -- and taking the stock of archrival United Parcel Service (NYSE: UPS) down with it.
Today, UPS stock is falling once again -- down 3.2% as of 11:45 a.m. ET -- but don't blame FedEx for today's sell-off. Blame British banker Barclays.
In a note out this morning, reports The Fly, Barclays cut its price target on UPS stock by 10%, to $180 a share, while maintaining an "equal weight" (i.e., hold) rating on the stock.
Source Fool.com
