ZIM Integrated Shipping Services (ZIM) PT Raised to $60 at Jefferies After NDR

Jefferies analyst Randy Giveans raised the price target on ZIM Integrated Shipping Services (NYSE: ZIM) to $60.00 (from $55.00) after hosting several client meetings with the ZIM management team. The recent pullback provides an opportunity for investors on the belief that the Company will generate even more impressive free cash flow this year, deliver a substantial annual dividend, look to consolidate through M&A, and further improve its balance sheet.

The analyst reiterated a Buy rating, stating "Given the recent pullback in ZIM shares due to last week's secondary offering, we believe enhanced trading liquidity and improved earnings provide an attractive buying opportunity." "We are increasing our 2021 and 2022 EPS estimates based on our increased $/TEU and volume expectations. Our 2021 and 2022 EPS estimates are now based on total average freight rates ($/TEU) of ~$1,950 and ~$1,600, respectively."

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