RBC Starts DHL Coverage at Outperform on Express Business Strength

04:23 AM EDT, 10/16/2026 (MT Newswires) -- RBC Capital Markets initiated its coverage of DHL (DHL.F) at outperform, with a price target of 67 euros, highlighting the strength and long-term potential of the German logistics group's DHL Express business. "We are encouraged by current momentum in DHL Express (in 'Weight per Day' and earnings growth). Longer term, we expect earnings growth in Express to outpace consensus forecasts, in a constructive market. By FY28E/ FY30E our DHL group EBIT forecasts are ~4%/ ~8% above consensus, driven by DHL Express EBIT forecasts ~9%/ 13% ahead. DHL trades on a discount to peers on various metrics, and its changing business mix should be supportive of valuation," analysts said Thursday. While its second-half EBIT forecast of 27% for DHL Express might be "too conservative" following its first-half performance, the research firm noted its 7 billion-euro group EBIT estimate for full-year 2026 tops both market expectations and the company's guidance of over 6.5 billion euros. "As we show in this note, DHL has historically been a seasonal performer, with share price outperformance driven by 4Q, and we expect that to be the case in FY26E," RBC wrote. Supported by rising demand for complex supply chains and stronger-than-expected trade growth in the first half, analysts believe DHL is well-positioned in the current macroeconomic landscape. Additionally, with ocean freight making up just 6% of DHL's group revenue, RBC sees the company avoiding overcapacity and gross profit risks for the broader sea-forwarding markets.