Ahead of the Bell: Analyst downgrades UPS - Yahoo
Increasing uncertainty in Europe and an expected slowdown in stock buybacks led Deutsche Bank analyst Justin Yagerman to downgrade shares of United Parcel Service Inc. on Monday.
European economic health is especially important to UPS, the world's largest package delivery company, now that it is expanding there. UPS in March offered $6.77 billion to buy Dutch rival TNT Express, by far its biggest deal ever.
To pay for that major acquisition, UPS said it will scale back on share buybacks. UPS said it will now buy back up to $5 billion in shares, including $1.5 billion each this year and next year. In September it had said it would buy back at least $8 billion in shares through 2014.
Increasing uncertainty in Europe and an expected slowdown in stock buybacks led Deutsche Bank analyst Justin Yagerman to downgrade shares of United Parcel Service Inc. on Monday.
European economic health is especially important to UPS, the world's largest package delivery company, now that it is expanding there. UPS in March offered $6.77 billion to buy Dutch rival TNT Express, by far its biggest deal ever.
To pay for that major acquisition, UPS said it will scale back on share buybacks. UPS said it will now buy back up to $5 billion in shares, including $1.5 billion each this year and next year. In September it had said it would buy back at least $8 billion in shares through 2014.
