Goldman Sachs lifted Kuehne + Nagel from sell to buy on Wednesday, sending the Swiss logistics giant’s stock up more than 3%. The broker cited a nascent margin recovery after a prolonged earnings slump, noting that EBIT‑to‑gross‑profit conversion rose to roughly 23% in H2 2025, still shy of the 33% long‑term average.

Analysts pointed to 2025 earnings that fell 25% below consensus and a 35% underperformance versus peers DHL, DSV and Maersk over the past year. Goldman raised its 12‑month price target to CHF 210 from CHF 147, reflecting a lower weighted‑average cost of capital and a CHF 200 million cost‑reduction plan aimed at boosting cash flow.

Goldman projects a quarterly EBIT run‑rate of CHF 350 million from Q2 through Q4 2026 and maintains a 2026 EBIT forecast of CHF 1.32 billion. With valuation at roughly 20× 2027 earnings and a free‑cash‑flow yield near 5%, investors will monitor whether operating improvements materialize and if the stock can close the gap with sector averages.