BMO Capital Markets analyst Fadi Shamoun has downgraded United Parcel Service Inc to "market perform" from a previous rating, setting a price target of $96 per share. According to the analyst, a recovery in demand remains difficult to achieve, particularly in the crucial business-to-business segment. Changes in U.S. trade policy, including the elimination of de minimis exemptions, have further intensified macroeconomic challenges. At the same time, cost-cutting initiatives at United Parcel Service Inc are progressing more slowly than anticipated.