UPS price target lowered to $145 from $155 at Raymond James

Raymond James lowered the firm’s price target on UPS (UPS) to $145 from $155 and keeps a Strong Buy rating on the shares. The firm says recent actions taken by UPS, including the agreement to halve its exposure to its largest customer and insourcing its large SurePost product, are “monumental,” that while in the near term will require a painful reconfiguring and right-sizing of the network, should ultimately foster a more profitable network in the long-term, the analyst tells investors in a research note. Though the quarter was filled with “drama,” the moves allow UPS to right size to a lower volume base and focus on the right margin-accretive parts of the market, Raymond James says.