These Analysts Cut Their Forecasts On UPS Following Q4 Results

United Parcel Service, Inc. UPS reported worse-than-expected fourth-quarter sales results and issued FY24 sales guidance below estimates on Tuesday.

UPS reported a fourth-quarter fiscal 2023 revenue decline of 7.8% year-over-year to $24.92 billion, missing the consensus of $25.43 billion. Adjusted EPS was $2.47, down from $3.62 in Q4 2022, in line with the consensus, according to data from Benzinga Pro.

UPS announced the dismissal of 12,000 employees, representing about 14% of its managerial workforce.

"I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row," said Carol Tomé, UPS chief executive officer. "2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth."

UPS shares fell 8.2% to close at $145.06 on Tuesday.

These analysts made changes to their price targets on UPS after the company reported quarterly results.

• Barclays cut the price target on UPS from $150 to $145. Barclays analyst Brandon Oglenski maintained an Equal-Weight rating.
• Raymond James slashed UPS price target from $185 to $175. Raymond James analyst Patrick Tyler Brown maintained a Strong Buy rating.

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