Why ZIM Integrated Shipping Shares Are Diving Today

July 1, 2022 2:44 PM | 1 min read |

BofA analyst Muneeba Kayani downgraded ZIM Integrated Shipping Services Ltd ZIM to Underperform from Buy and lowered the price target to $40 (a downside of 8%) from $79.
The analyst revealed concerns over weaker U.S. demand.
Kayani states that large U.S. retailers have signaled to weaken spending on goods and excess inventories, and this, along with congestion unwind at U.S. ports, could result in a notable correction in ocean spot rates.
Price Action: ZIM shares are trading lower by 7.69% at $43.59 on the last check Friday.