2023-04-28 12:23:32 ET
Following an analyst's bearish opinion that was reported last Friday, shares of ZIM Integrated Shipping Services (NYSE: ZIM) have consistently fallen throughout the week.
As of the end of trading on Thursday, the international cargo shipping stock has tumbled 12.8% since the end of last Friday's trading session, according to data provided by S&P Global Market Intelligence .
Predicated on the belief that ZIM's management has an overly optimistic assumption of spot rate prices, Samuel Bland, an analyst at JPMorgan , downgraded the shipping stock to neutral from overweight late last Friday. However, investors may have placed greater weight on the revised price target. Bland slashed the price target to $20.80 from $27.
For further details see:
Why Shares of ZIM Integrated Shipping Services Are Plunging This Week