DSV Kept at Outperform as Bernstein Noted Market Reaction to Road Integration Delays

08:17 AM EDT, 07/24/2026 (MT Newswires) -- Bernstein affirmed its investment opinion on DSV (DSV.CO), arguing the market's sharp sell-off following the transport and logistics company's second-quarter results overstates temporary integration delays in the road unit. "DSV reported Q2 results yesterday, with underlying EBIT in line and a guidance raise. Air & Sea and Contract Logistics were both fine; indeed, better than fine, with both beating consensus. Attention focused on Road, where a one-off gain offset additional costs related to delays in realizing integration benefits. This division is ~20% of earnings, yet shares fell by more than 14%. In our assessment, DSV's earnings power has not declined anything like enough to justify such a move. We maintain our EPS forecasts for 2027+ and remain Outperform on an unchanged target price of DKK 2,100," according to a Thursday note. "With the other divisions fine, we would need to cut Road EBIT by 70% in perpetuity to justify a 14% fall in the share price. That makes the move look extreme," analysts added. Amid expectations of the division's cost headwinds to subside by 2027, the research firm said it sees "little reason to meaningfully change" its estimates. Accordingly, Bernstein trimmed its adjusted EPS forecasts for full-year 2026 and 2027 to 67.07 Danish kroner and 90.34 kroner from 68.84 kroner and 90.81 kroner, respectively.