Zim Integrated Shipping falls after Citigroup cuts rating to "sell"

Zim Integrated Shipping Services

06/06/2024 16:27

** U.S.-listed shares of Israel-based marine freight company
Zim Integrated Shipping Services  ZIM.N  fall 17% to $19.75
    ** Citigroup downgrades ZIM to "sell" from "neutral"
    ** Raises PT to $13 from $11.60, still representing a 45%
downside to the stock's last close
    **  Brokerage's recent research on import into the US points
at downside risk to demand 
    ** "Hence, we see the current supply and demand imbalance to
unwind, resulting in freight rate pressure" - Citigroup
    ** One brokerage rates the stock "strong buy", two "hold"
and four "sell" or lower; their median PT is $11.38 - LSEG data
    ** Stock has seen over a two-fold fall YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))