JPMorgan analyst Brian Ossenbeck raised the firm’s price target on UPS (UPS) to $99 from $97 and keeps a Neutral rating on the shares. The firm adjusted price targets in the transportation and logistics group as part of a Q4 preview. “Enforcement actions chipped away at lingering overcapacity” in Q4, the analyst tells investors in a research note. However, JPMorgan thinks the recent rally in the shares “will hit a rough patch when normal seasonality turns into a headwind” for spot truckload rates during Q1. This will “tempt the market to take profits in what will be another year of consistent uncertainty,” contends the firm.
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