BofA kept its neutral rating on UPS but lowered the price target from $115 to $108. The main issue is that Amazon shipping volumes dropped faster than expected at the end of Q2. UPS has been intentionally shrinking its Amazon business, but the sudden drop hurts their margins since they run a high fixed-cost network. Their domestic cost per piece is already up 8.7% year-over-year. Goldman Sachs took the opposite stance, raising their target to $132 and keeping a buy rating. The bull case relies on restructuring efforts working, healthcare revenue growing, and the stock being relatively cheap at 13x forward earnings. One thing to watch is the 7% dividend yield. UPS expects $5.5 billion in free cash flow against $5.4 billion in dividend payouts for 2026. That leaves almost no cushion if domestic volume continues to fall.