DHL Group: Jefferies initiates coverage as buyer
(CercleFinance.com) - Jefferies initiates coverage of DHL Group with a 'buy' recommendation and a target price of E60, in a report on the German transport and logistics group, as well as its European peers DSV and Kuehne+Nagel.
For 2025, we favour air over sea, which is favourable for DHL, the broker says, which therefore prefers the stock over DSV (also recommended buy) and Kuehne+Nagel (hold).
Jefferies notes that the German group's express business has seen capacity grow faster than demand, which has weighed on margins, but expects strong positive operating leverage as demand improves and management addresses costs.
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