Why Zim Integrated Shipping Stock Cruised Nearly 12% Higher This Week
It was smooth sailing for ocean transportation specialist Zim Integrated Shipping Services (NYSE: ZIM) stock over the past five trading days. An analyst's substantial price target increase helped boost investor sentiment on the company, even if that pundit remained generally bearish on its prospects. At the close of the trading week, according to data compiled by S&P Global Market Intelligence, Zim's stock price had risen by almost 12%.
The raise came from Bank of America Securities' Muneeba Kayani. On Tuesday, the London-based analyst pushed her Zim price target into double-digit territory at $12.20, well up from her former level of $9.20. Despite that, she maintained her underperform (sell, in other words) recommendation on the shipping company.
The persistent unrest in the Middle East has affected the operations and performance of ocean shippers. Kayani pointed out that this hasn't necessarily been detrimental to Zim, however.
Source Fool.com
