Credit Suisse Revises Estimates for United Parcel Service

In a report published Monday, Credit Suisse analyst Allison M. Landry reiterated an Outperform rating and $112.00 price target on

. In the report, Credit Suisse noted, “Our FY14 EPS estimate of $4.96 is unchanged. We have slightly lowered our FY15 and FY16 estimates to $5.65 and $6.41, from $5.72 and $6.47, respectively. Our DCF-derived target price of $112 is intact. UPS expects 2015 EPS of $5.45-$5.70, implying 10%-15% growth over 2014 expected adjusted results, with revenue growth of 5%-6%, and operating profit growth of 9%-11%. We note that the EPS guidance range was below our initial estimate of $5.72 and the consensus of $5.71. The company also issued five-year guidance, including the expectation for an EPS CAGR of 9%-13% (which is below the prior 5-yr CAGR of 10%-15% that was targeted in 2011).” United Parcel Service closed on Friday at $106.83.