12:11 PM EDT, 03/27/2024 (MT Newswires) -- United Parcel Service ( UPS ) outlined "significant" cost cuts that are expected to support a "multiyear margin improvement story," UBS Securities said Wednesday in a report.

The company provided a framework for productivity drivers and network rationalization at its Tuesday analyst meeting that are expected to result in $3 billion of cost savings through 2028, UBS said.

"We believe the pullback in UPS stock provides an attractive opportunity," the report said.

UBS maintained its buy rating on the stock with a $175 price target.

The company's shares rose 1.7% in recent trading Wednesday.

Price: 146.16, Change: +2.37, Percent Change: +1.65