HSBC Global Research analysts have upgraded UPS’ rating to ‘buy’ following its improved Q1 results, estimating that its volumes and margins are set to turn around from Q4 2024, as HSBC looks to potentially upgrade its guidance to include the accretive impact of UPS’ recently-awarded USPS postal contract. Although UPS’ $1.7bn adjusted operating profit for Q1 2024 was down 32% year on year, this was 8% above Bloomberg consensus, notes HSBC, with the ‘revenue miss more than offset by lower-than-expected costs’ and a slowing of pace of volume decline. Positive margin growth are set to improve UPS’ margins from Q2

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