BofA analyst Muneeba Kayani lowered the firm’s price target on ZIM Integrated (ZIM) to $12.80 from $16 and keeps an Underperform rating on the shares. Ocean rates have declined 45% year-to-date, even before the re-opening of the Red Sea or the start of trade wars, notes the analyst, who maintains a cautious stance for the sector and sees the risk of a multiyear oversupplied container shipping market.
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