Why ZIM Integrated Shipping Shares Are Diving Today

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  • 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.
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