Why Zim Integrated Shipping Services Surged 23% Higher This Week
A highly encouraging quarterly and annual earnings report was the wave that crested Zim Integrated Shipping Services' (NYSE: ZIM) share price higher this week. According to data from S&P Global Market Intelligence, the container logistics company enjoyed a nearly 23% surge in stock price in the Monday-Friday period as a result.
Zim kicked off the week with that earnings release on Monday, and this blast of bullishness lasted until market close on Friday. At first glance, the company's fourth-quarter figures were discouraging, as it recorded declines on both the top and bottom lines.
Those declines were steep, too, with revenue eroding by 37% year over year and net income tumbling by an outwardly frightening 76%. It was hardly a surprise, then, the following day when no less an entity than JPMorgan Chase cut its price target on the shares. Analyst Samuel Bland was the man wielding the scissors, trimming his level to $27 per share from his previous estimation of $30.40.
Source Fool.com
