European transport challenges to persist through 2026, JPM says
JPMorgan sees European transport market challenges to continue in 2026, with ongoing freight demand-supply imbalances and risks of oversupply in the short-haul market
The broker expects a demand-supply imbalance in the freight sector, particularly in container shipping, where oversupply could pressure rates further
DSV DSV.CO and IAG ICAG.L are JPM's top picks for 2026 due to their strategic positioning and cost-cutting measures
Oversupply in the short-haul market could impact pricing and profitability, JPM says, adding long-haul carriers like Air France-KLM AIRF.PA and Lufthansa LHAG.DE could benefit from more favourable supply-demand dynamics
COMPANY | RATING | OLD RATING | PT | OLD PT |
Air France-KLM AIRF.PA | Overweight | Neutral | EUR 14 | EUR 8 |
easyJet EZJ.L | Underweight | Neutral | GBp 400 | GBp 500 |
Jet2 JET2.L | Neutral | Overweight | GBp 1,450 | GBp 1,850 |
Lufthansa LHAG.DE | Neutral | Underweight | EUR 7.50 | EUR 5.30 |
Maersk MAERSKb.CO | Underweight | no change | DKK 8,000 | DKK 8,800 |
DHL Group DHLn.DE | Overweight | no change | EUR 53.50 | EUR 47.50 |
DSV DSV.CO | Overweight | no change | DKK 2,130 | DKK 1,915 |
Hapag-Lloyd HLAG.DE | Underweight | no change | EUR 65 | EUR 72 |
InPost INPST.AS | Overweight | no change | EUR 14 | EUR 15.20 |
Kuehne und Nagel KNIN.S | Underweight | no change | CHF 140 | CHF 130 |
ZIM ZIMCF.PK | Underweight | no change | USD 8.70 | USD 9.70 |
IAG ICAG.L | Overweight | no change | EUR 6 | EUR 5.50 |
Ryanair RYA.I | Overweight | no change | EUR 33.50 | EUR 30.50 |
Wizz Air WIZZ.L | Neutral | no change | GBp 1,200 | GBp 1,050 |
Avolta AVOL.S | Overweight | no change | CHF 52 | CHF 51 |
SSP Group SSPG.L | Neutral | no change | GBp 170 | GBp 190 |
WH Smith SMWH.L | Overweight | no change | GBp 800 | GBp 750 |
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