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Deutsche Bank reduces its rating on United Parcel Service
UPN from Buy to Hold and reduces its price target to $82.
Deutsche Bank notes, "We downgrade UPS to Hold from Buy, as we believe it is near fair value given accelerating uncertainty in Europe, its relative premium valuation, as well as an expected deceleration in share buybacks, which are now expected to remain around $1.5 billion over the next two years (vs $2.7 billion per annum over the same period prior to recent guidance). Although we remain impressed with UPS's expansive network, industry-leading returns, and shareholder-friendly attributes (paying out the majority of net income in the form of dividends and share buybacks), we believe shares are now fairly valued."
UPS closed at $78.76 on Friday.
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