TD Cowen lowered the firm’s price target on UPS to $140 from $147 and keeps a Hold rating on the shares. The firm said they attended UPS’ investor day this week at the company’s Worldport facility in Louisville and noted management set out their financial targets through 2026. Cowen believes the revenue guide is very aggressive and were disappointed that they do not expect their P&L targets to translate into higher free cash flow. Also, overcapacity remains a major concern among investors.
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