ZIM downgraded on uncertain spot rate outlook at JPMorgan

JPMorgan analyst Samuel Bland downgraded ZIM Integrated to Neutral from Overweight with a price target of $20.80, down from $27. While the recent improvement in transpacific rates is welcome, "we are unsure on its longevity," the analyst tells investors in a research note. The firm also thinks ZIM’s guidance may have a more aggressive spot rate assumption built into it than elsewhere. It cites an uncertain spot rate outlook for the downgrade.