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

The analyst believes that, from a commercial point of view, Q4 2023 results were disappointing and that there is 'no reason to be optimistic for H1 2024'.

Nevertheless, Stifel highlights the 'extraordinary post-pandemic strength of the fundamentals', with EBIT up by more than 50% on 2019, while FCF has more than tripled over the same period, despite lower volumes in B2B/Freight.

The broker also points out that, under the effect of the new German postal law, the group's EBIT could reach €8 billion and double on 2019.

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