UBS lowered the firm’s price target on UPS (UPS) to $124 from $128 and keeps a Buy rating on the shares. It remains difficult to identify the impact from the loss of the de minimis exemption, but FedEx’s (FDX) recent 2026 guidance pointing to a headwind of $170M per quarter to EBIT in 2026 provides a framework, the analyst tells investors in a research note. UBS now models a more than $200M year over year decline in UPS’s International EBIT per quarter from Q2 through Q4 y/y .Despite a noisy macro backdrop in Q2, the firm believes trends in UPS’s domestic package business remain consistent with the framework UPS previously laid out.
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