Piper Jaffray Reiterates Overweight Rating On United Parcel Service

According to Piper Jaffray, United Parcel Service UPS Overweight rating is reiterated. Piper Jaffray said that yesterday before the market UPS reported 2Q11 continuing EPS of $1.05 (+24.1% y-o-y) above Consensus $1.04 but below the $1.07 estimate. “While our 2H11 EPS have been revised down modestly for somewhat lesser growth, we believe our out year EPS remain achievable and beatable given some US demand improvement from current levels. We reiterate our Overweight rating.” United Parcel Service closed yesterday at $71.59.