ZIM Integrated Shipping Services (ZIM) PT Lowered to $27 at Jefferies

Jefferies analyst Omar Nokta lowered the price target on ZIM Integrated Shipping Services (NYSE: ZIM) to $27.00 (from $55.00) while maintaining a Hold rating.

The analyst commented, "ZIM shares have revalued considerably as the container market has begun its process of normalizing. While freight rates have been slipping since their all-time high in January, the declines intensified starting in late August. The timing of when a bottom may be reached remains an overhang, though ZIM has plenty of flexibility to ride out the uncertainty with its massive cash position. We maintain our Hold rating but reduce our target to $27 from $55."

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