ZIM Integrated price target raised to $13.70 from $12.20 at BofA

BofA raised the firm’s price target on ZIM Integrated to $13.70 from $12.20 and keeps an Underperform rating on the shares. ZIM has raised its FY24 adjusted EBITDA and adjusted EBIT guidance ranges based on higher freight rates expectations, notes the firm, which raised its target given its own higher estimates, but reiterates an Underperform with “still 30% potential downside” to its revised target.