NEW YORK ( TheStreet) -- FedEx ( FDX) and UPS ( UPS) stand to gain from declining main deck and belly capacity in the Asia Pacific region, according to transportation industry analyst Helane Becker of Jesup & Lamont.

In an interview conducted by The Wall Street Transcript, Becker said she prefers the two companies because they operate in both the lower end of the freight distribution business with truckers in the U.S. and in the high end with their international priority product.

She particularly liked FedEx because it was "asset-light."

"In a recession we prefer the asset-light companies," said Becker. "In a recession, load factors fall to 80% or less; coming out, load factors rise to more than 90%. This means the revenue from the added freight, between 70% full and 90% full, falls to the bottom line." Thus, according to Becker, asset-light companies do not lose much in a recession but earn a little less during a recovery.

Becker estimates that FedEx's earnings could climb to $8 per share and expects a price target of $120 based on a price-earnings multiple of 15. The stock was up 2.2% to $72.23 in Wednesday afternoon trading.

FedEx reported its fourth quarter and full year results last month, beating analyst expectations but disappointing investors with weak guidance.

Last week, UBS upgraded both FedEx and UPS to a buy rating, citing fair valuations.

-- Reported by Shanthi Venkataraman in New York.

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