UPDATE: Citi Starts ZIM Integrated Shipping Services (ZIM) at Buy
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Citi analyst Sathish Sivakumar initiates coverage on ZIM Integrated Shipping Services (NYSE: ZIM) with a Buy rating and a price target of $28.00.
The analyst comments "We believe the industry is seeing a capacity moderation both in the near- and medium-term. The current orderbook is at the lowest levels (c.12% of the capacity) that we have seen during the last three decades. And therefore we believe that the industry is entering a sweet spot for freight rates in the next few years with demand outpacing supply. We forecast a capacity growth of c.+5% YoY in 2021, +3% YoY in 2022 and +3% YoY in 2023."
Shares of ZIM Integrated Shipping Services closed at $20.86 yesterday.
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