Read across to UPS is positive from the 4Q F20 ground performance [of FedEx]. We believe that FDX’s 4Q earnings report provides a positive read across to UPS in terms of the strong Ground revenue growth of 20% y/y and the better than anticipated Ground margin performance. In 4Q FDX Ground realised 25% volume growth which was much better than our 10% volume forecast. The FDX 4Q points to strong volume growth for UPS in their Ground business in 2Q20.” 

– UBS, ...

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