HSBC downgrades UPS on Amazon glide down, tariffs

HSBC analyst Parash Jain last night downgraded UPS (UPS) to Hold from Buy with a price target of $105, down from $140. The company’s Q1 results were largely in line, as cost control and the Amazon glide down is on track, but tariff headwinds are weighing on the outlook, the analyst tells investors in a research note. The firm views the U.S. tariffs as greater catalyst for the shares versus UPS’s “self-help” for now. HSBC admits that it underestimated the Amazon glide down and tariff headwinds for the company.