ZIM Integrated price target lowered to $7.80 from $11 at BofA

BofA analyst Muneeba Kayani lowered the firm’s price target on ZIM Integrated to $7.80 from $11 and keeps an Underperform rating on the shares as the firm lowered its 2024 EBIT forecast to the mid-point of guidance. While the firm lifted its 2024 EBITDA estimate by 6% to $1.187B because of higher volume and lower bunker estimates, its 2024 EBIT estimate declines to $39M because of higher depreciation costs, the analyst tells investors. The firm also lowered its target price-to-book multiple, the analyst noted.