These Analysts Cut Their Forecasts On UPS Following Q4 Results
Portfolio Pulse from Avi Kapoor
United Parcel Service, Inc. (UPS) reported Q4 fiscal 2023 revenue of $24.92 billion, a 7.8% decline from the previous year, missing consensus estimates. Adjusted EPS was $2.47, matching consensus but down from $3.62 in Q4 2022. UPS also announced the dismissal of 12,000 employees and issued FY24 sales guidance below estimates. Following the report, UPS shares dropped 8.2%. Barclays and Raymond James adjusted their price targets on UPS, with Barclays maintaining an Equal-Weight rating and Raymond James maintaining a Strong Buy rating.
January 31, 2024 | 1:51 pm
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UPS reported lower than expected Q4 sales and adjusted EPS, announced a significant workforce reduction, and provided weak FY24 guidance, leading to an 8.2% drop in share price.
The negative earnings report, coupled with job cuts and disappointing future guidance, directly impacts UPS's stock price. The immediate market reaction was negative, indicating a likely short-term downward pressure on the stock. The adjustments in price targets by analysts further reflect the bearish outlook.
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