UPDATE: Citi Starts ZIM Integrated Shipping Services (ZIM) at Buy

February 23, 2021 1:16 AM EST
Get Alerts ZIM Hot Sheet
Price: $30.34 +2.33%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 17
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(Updated - February 23, 2021 1:28 AM EST)

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."

For an analyst ratings summary and ratings history on ZIM Integrated Shipping Services click here. For more ratings news on ZIM Integrated Shipping Services click here.

Shares of ZIM Integrated Shipping Services closed at $20.86 yesterday.

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