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Credit Suisse has turned bullish on UPS for the first time in years, saying in a note to clients that parcel carriers now have the upper hand in a booming delivery industry.
The pandemic restrictions accelerated the shift to e-commerce, leading to a massive spring and summer for delivery companies. UPS reported growth of nearly 21% in its daily volume for the second quarter. That demand surge puts UPS and rival FedEx in a strong negotiating positions, Credit Suisse said, and the bank upgraded the stock to outperform from neutral.