UBS has downgraded its recommendation on DHL Group from 'buy' to 'neutral', with a target price reduced from €53 to €41, a new target that is 6% higher than its last price, saying it was more cautious about volumes for the German parcel and logistics group.

In its note, the broker indicates that it has reduced its EPS estimates by 12%, to reflect the lower profitability of Express/DGFF (DHL Global Forwarding, Freight). We believe that momentum could remain negative in the first quarter", it warns.

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