FRANKFURT (dpa-AFX) - For the first time since the beginning of 2017, Deutsche Bank has withdrawn its buy recommendation for DHL Group. A recovery in the freight business is not in sight, analyst Andy Chu said in his study on the Bonn-based logistics company published on Thursday. He cut the price target from 49.50 to 43 euros and changed his recommendation to "Hold".

Chu believes that as a cyclical company, DHL's profits have not yet bottomed out. Only when this is the case will it be the ideal time to buy shares, as a look at the share price history reveals. The Dax group's forecasts for 2024 and 2026 may be too high, Chu warned. He cut his estimates for the operating result (EBIT) in these years.

In the long term, however, the DHL share story is attractive and the investment background is intact. The company is well managed, of high quality and focused on structural growth through online trade. Particular attention is being paid to cash and returning it to shareholders.

With a "hold" rating, Deutsche Bank recommends neither buying nor selling the shares based on the expected total return for the next twelve months./ajx/ag/jha/

Analyzing institute Deutsche Bank.

Publication of the original study: 28.03.2024 / time not specified in study / CET First dissemination of the original study: 28.03.2024 / 07:42 / CET