Goldman Sachs pivots to more asset-light European logistics, favours DSV

Dsv A/S

14/01/2026 09:05

** Goldman Sachs has shifted its stance in European logistics, favouring asset-light models amid evolving global trade dynamics, it says

** The broker's top pick remains DSV DSV.CO ("buy", on CL), citing adaptability and restructuring upside, including AI-driven productivity gains

** It upgrades Kuehne + Nagel KNIN.S to "buy" from "sell", with the share rising around 4% in the early trade

** Broker says it believes DSV and K+N will find it easier than shipping companies to adjust their networks to shifting global trade patterns, while also having significant restructuring upside

** DHL DHLn.DE cut to "neutral", and Maersk MAERSKb.CO downgraded to "sell" from "neutral" on expectations of declining earnings and free cash flow heading into a projected shipping downcycle in 2027/28

** Hapag-Lloyd HLAG.DE maintained at "sell", GS says

 (Reporting by Elviira Luoma)

 ((Elviira.luoma@thomsonreuters.com))