JPMorgan analyst Brian Ossenbeck raised the firm's price target on UPS (UPS) to $135 from $134 and keeps a Neutral rating on the shares. The "long-awaited" market recovery for transports continues to slowly develop, putting the substantial earnings growth embedded in 2025 estimates at risk, the analyst tells investor sin a research note. In the near term, the firm sees downside risk to a "normally weaker" Q1 and adjusted estimates in several sub-sectors, saying a significant amount of freight was pulled forward in anticipation of potential tariffs.