Why it matters: E-commerce growth has been a tailwind for the integrators' domestic and international B2C package volumes, while B2B activity has been sluggish due to soft industrial end-market demand. The bottom line: We expect to lower our fair value estimates for wide-moat UPS UPS and narrow-moat FedEx FDX by 3%-6% due to the tempering of our near-term volume and margin assumptions on a longer recovery period for B2B activity and related gains in operating leverage. Long view: Risk remains elevated, but we still see longer-term upside opportunity to UPS' shares as the firm rationalizes network capacity in accordance with Amazon-related volume declines and once B2B package activity recovers.