RBC sees continued earnings growth for European logistics sector

** RBC says European logistics space is "still a growth sector", noting the volume outlook for trade enablers appears brighter than expected despite deglobalization concerns

** The brokerage says AI is "more of an opportunity than a threat" for large players, enabling cost efficiencies and further market share gains

** Within the space, the broker starts German logistics firm DHL Group DHLn.DE at "outperform" with a €67 PT on an upbeat volume outlook and strong express delivery prospects

** It initiates coverage of freight forwarders Kuehne + Nagel KNIN.S and DSV DSV.CO at "sector perform" with PTs of CHF 235 and DKK 1,250, respectively, on freight rate moderation headwinds

** The broker expects elevated container ship deliveries to drive industry overcapacity, weighing on sea freight rates and creating a medium-term headwind for the forwarders