Bernstein analysts have singled out DSV as their top pick in European transport, calling it the "only stock to own" in the region's logistics sector. The Danish freight giant recently acquired German rival DB Schenker in 2024, targeting 9 billion Danish crowns in cost synergies.

Despite market skepticism about whether those synergies will fully materialize, Bernstein remains confident. The firm points to DSV’s proven M&A track record and faster-than-expected integration progress, which boosted third-quarter profits. Bernstein raised its price target to 2,150 Danish crowns per share.

Two major catalysts are expected in 2026: a capital markets day in May where long-term targets may be revealed, and a potential restart of share buybacks in the second half. However, risks remain, particularly around cultural integration at the acquired DB Schenker unit.

Bernstein warns that if DSV mismanages change within the former Schenker business, it could derail synergies. Still, the firm believes management in Denmark has handled transitions well before. By year-end 2026, this integration risk should either resolve or become clear.