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Investing.com - JPMorgan has lowered its price target on DHL Group (ETR:DHL) to €48.50 from €49.00 while maintaining an Overweight rating on the stock.
The adjustment follows DHL’s second-quarter 2025 results, which JPMorgan noted demonstrated strong cost control measures, including tactical capacity adjustments and structural cost improvements amid challenging freight market conditions.
JPMorgan highlighted a specific risk facing DHL: potential immediate implementation of US de-minimis rule changes on rest-of-world shipments starting August 29, which management indicated could negatively impact 2025 EBIT by up to €200 million if implemented as announced by the US administration last week.
Despite these challenges, DHL has maintained its guidance of EBIT exceeding €6 billion for the year, as management cited rapidly evolving policy decisions. JPMorgan has marginally reduced its 2025-27 EBIT estimates by 1-2%.
The investment bank continues to view DHL favorably, noting the company is "well positioned to manage near-term risks" while being prepared to benefit from an eventual cyclical recovery, particularly in Europe, with potential improvements in operating leverage.
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