UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on UPS

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on United Parcel Service

, but lowered its price target from $110.00 to $105.00. Sterne Agee noted, “What captured media focus from the UPS earnings release was the more conservative guidance based on a 1% 2H12 US GDP outlook. Despite this, we can build a number of reasons why 2013 will be a stronger EPS year for UPS as the company ratchets down costs and acquires a strategic asset for lower cost than planned, yet grows earnings w/$5.00+ in FCF.” United Parcel Service closed on Tuesday at $74.34.