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Investing.com - Goldman Sachs has reiterated its Buy rating on DSV A/S (CSE:DSV) (OTC:DSDVF) with a price target of DKK2,000.00, suggesting approximately 50% upside potential.
The logistics company experienced a selloff over the summer, which Goldman Sachs attributes to a timing mismatch between cyclical and idiosyncratic earnings drivers, compounded by investor reaction to the second-quarter earnings call.
Near-term market conditions have proven slightly more challenging than consensus expectations, leading to modest downgrades to 2025 consensus forecasts, as Goldman Sachs had previously indicated in early May.
The investment bank notes that DSV’s main earnings driver—the DBS integration, which Goldman estimates will roughly double group EBIT—was not yet visible in recent reporting since the integration only began in August.
Goldman Sachs believes the total cost and revenue synergy upside from the integration will likely exceed company guidance, though realistic progress in the profit and loss statement isn’t expected before fourth-quarter reporting.
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