Why Zim Integrated Shipping Stock Is Down Today [Yahoo! Finance]
ZIM Integrated Shipping Services Ltd. Ordinary Shares (ZIM)
Company Research
Source: Yahoo! Finance
At least one analyst believes the rally is running out of steam. Shares of Zim traded down 15% as of 10:30 a.m. ET after Citigroup downgraded the stock to a sell. Is this as good as it gets? Zim is one of the world's 20 largest ocean shipping companies. The stock was caught in the doldrums last year due to weak demand and investor concerns about its debt. But the company's outlook improved in early 2024 as tensions in the Middle East disrupted key shipping lanes and caused shipping rates to climb. The rally has continued through 2024, with Zim shares up more than 100% coming into Thursday's trading day. Citi analyst Sathish Sivakumar is calling a top. The analyst downgraded Zim shares to sell from neutral with a price target of $13, suggesting more than 30% downside from current prices. Sivakumar wrote that the recent move in spot freight rates up more than 70% is unlikely to sustain into the second half of the year. Is now the time to sell Zim shares? Shipping is a diffi
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ZIM
News
- ZIM Integrated Shipping Services (ZIM) Laps the Stock Market: Here's Why [Yahoo! Finance]Yahoo! Finance
- ZIM Shipping Stock Plunges: Is This a Buying Opportunity? [Yahoo! Finance]Yahoo! Finance
- Should You Think About Buying ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) Now? [Yahoo! Finance]Yahoo! Finance
- ZIM Integrated: Buy The Dip On Strong Near-Term Prospects [Seeking Alpha]Seeking Alpha
- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) was downgraded by analysts at Citigroup Inc. from a "neutral" rating to a "sell" rating. They now have a $13.00 price target on the stock.MarketBeat
ZIM
Earnings
- 5/21/24 - Miss
ZIM
Sec Filings
- 6/5/24 - Form 144
- 5/28/24 - Form 6-K
- 5/21/24 - Form 6-K
- ZIM's page on the SEC website