BofA Securities just downgraded this transportation stock - BitcoinEthereumNews.com
Shares of United Parcel Service Inc (NYSE: UPS) are down nearly 20% from their high in early February, and the future doesnt look too bright for the shipping company either, as per Bank of America Securities. Ken Hoexter downgraded UPS The senior transportation analyst of the investment bank, Ken Hoexter, downgraded UPS on Friday citing several concerns, including valuation. On Power Lunch ng CNBC, sinabi niya: FedEx was not part of our downgrade because its multiple is quite low. UPS is trading at a six to seven point spread over it. So, we were looking for things that were a little extended right now. The American multinational is expected to report its quarterly results in the final week of April. Just days ago, it doubled down on its 2019 deal with Google Cloud. UPS faces a demand issue United Parcel Service benefitted greatly during the course of the pandemic as demand surged sharply – a tailwind that is now starting to wane, says Hoexter. He noted: This to us looked more of a demand issue. We do a bi-weekly truck shipper survey and it looks like the demand indicator has taken a consistent step down. And now, its taking a faster step down. As of Monday, UPS customers