European transport challenges to persist through 2026, JPM says

Dsv A/S

01/12/2025 08:47

** JPMorgan sees European transport market challenges to continue in 2026, with ongoing freight demand-supply imbalances and risks of oversupply in the short-haul market

** The broker expects a demand-supply imbalance in the freight sector, particularly in container shipping, where oversupply could pressure rates further

** DSV DSV.CO and IAG ICAG.L are JPM's top picks for 2026 due to their strategic positioning and cost-cutting measures

** Oversupply in the short-haul market could impact pricing and profitability, JPM says, adding long-haul carriers like Air France-KLM AIRF.PA and Lufthansa LHAG.DE could benefit from more favourable supply-demand dynamics

COMPANY
RATING
OLD RATING
PT
OLD PT
Air France-KLM AIRF.PA
Overweight
Neutral
EUR 14
EUR 8
easyJet EZJ.L
Underweight
Neutral
GBp 400
GBp 500
Jet2 JET2.L
Neutral
Overweight
GBp 1,450
GBp 1,850
Lufthansa LHAG.DE
Neutral
Underweight
EUR 7.50
EUR 5.30
Maersk MAERSKb.CO
Underweight
no change
DKK 8,000
DKK 8,800
DHL Group DHLn.DE
Overweight
no change
EUR 53.50
EUR 47.50
DSV DSV.CO
Overweight
no change
DKK 2,130
DKK 1,915
Hapag-Lloyd HLAG.DE
Underweight
no change
EUR 65
EUR 72
InPost INPST.AS
Overweight
no change
EUR 14
EUR 15.20
Kuehne und Nagel KNIN.S
Underweight
no change
CHF 140
CHF 130
ZIM ZIMCF.PK
Underweight
no change
USD 8.70
USD 9.70
IAG ICAG.L
Overweight
no change
EUR 6
EUR 5.50
Ryanair RYA.I
Overweight
no change
EUR 33.50
EUR 30.50
Wizz Air WIZZ.L
Neutral
no change
GBp 1,200
GBp 1,050
Avolta AVOL.S
Overweight
no change
CHF 52
CHF 51
SSP Group SSPG.L
Neutral
no change
GBp 170
GBp 190
WH Smith SMWH.L
Overweight
no change
GBp 800
GBp 750

(Reporting by Mathias de Rozario in Gdansk)

((mathias.derozario@thomsonreuters.com))