Stifel maintains its Buy rating on DHL Group shares, with its target price raised from €50 to €53.

In anticipation of the fourth-quarter report, the analyst updates his EBIT forecasts, looking ahead to 2024/2026.

We model EBIT growth of +22% up to 2026 (+1.4 billion euros) on the basis of normalized volume growth, price increases (Express, Parcels, Letters) and the new German postal law", the broker points out.

Stifel also believes that the valuation does not reflect the ongoing transformation of EBIT/FCF, structural growth and returns to shareholders.

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