Kepler ups DHL to 'buy' as reporting change improves shipment transparency

Deutsche Post AG

02/06/2026 13:51

** Kepler Cheuvreux upgrades Germany's DHL DHLn.DE to "buy" from "hold" and raises its PT by 20% to €60 per share, saying a recent change in the logistics company's reporting could benefit visibility on execution
** DHL changed its reporting standards on shipments with its Q1 results, switching to weight of the transported goods rather than number of shipments
** The company argues this reflects the underlying business performance better, while Kepler says DHL had a clear incentive to make this change as it improves the narrative on the DHL Express shipping business
** "Ultimately ... the change in reporting will improve transparency on DHL Express' business outlook," the brokerage says, adding this also substantially improves its investment case
** Out of 23 analysts that cover DHL, 10 rate it "buy",​ 11 "hold" and two "sell" - LSEG data
** Shares of DHL are up around 3%

(Reporting by Simon Ferdinand Eibach)
((Simonferdinand.eibach@thomsonreuters.com))