Bernstein Keeps DHL at Market-perform on Priced-in 'Strong' Q3 Results; Price Target Up

05:04 AM EST, 11/06/2026 (MT Newswires) -- Bernstein affirmed its market-perform rating for DHL (DHL.F), noting the stock's current valuation leaves little room for further earnings upside even with robust third-quarter performance. "DHL earnings are in a strong patch, with Express booming: weight per day +9% YoY, unit revenue rising, and an operating leverage to drive further upgrades to guidance. There is some benefit from air capacity tightness as Gulf airlines suffer from geopolitics. Forwarding is moving past previous challenges. Yet strong execution has a valuation to match, with this classic income stock yielding barely more than a 10y bund and the historic significant discount to DSV [DSV.CO] having evaporated. Expensive for a reason," analysts said Friday, adding that there is also "no obvious catalyst" to trigger a valuation de-rating. The German logistics group reported a 12.6% year-over-year increase in group revenue to 22.66 billion euros. For full-year 2026, the group raised its operating profit guidance to over 7 billion euros from the previous goal of over 6.5 billion euros, while affirming its medium-term target of higher than 7 billion euros. Meanwhile, the research firm raised its Post & Parcel EBIT estimates by 250 million euros to 300 million euros starting in 2027, citing the higher-than-expected proposed letter price controls. This boost accounts for anticipated demand destruction caused by the rate increase. Against this backdrop, Bernstein also ticked up the stock's price target to 49.50 euros from 47 euros.