Kuehne & Nagel resumed with an Underweight at JPMorgan

JPMorgan analyst Alexia Dogani resumed coverage of Kuehne & Nagel with an Underweight rating and CHF 220 price target. The firm resumed coverage of the European logistics group, favoring companies with strong competitive positions in industries with barriers to entry and pricing power or companies that are consolidating their market to reach scale and leverage systems to drive improvements to their cost position. The analyst is cautious on container shipping, saying “storm clouds are gathering” as rates have peaked and supply keeps building.