Jefferies raised the firm’s price target on ZIM Integrated (ZIM) to $28 from $25 and keeps a Hold rating on the shares. Q3 earnings “jumped off the charts,” driven by a very strong freight market, but also due to management’s deliberate action to avoid contracting at low rates and staying highly exposed to spot rates, the analyst tells investors. ZIM declared a regular $2.81 per share dividend, consistent with its normal 30% quarterly payout ratio, and “a very unexpected” 84c per share special dividend for a total of $3.65 per share, notes the analyst, who thinks that despite lower earnings, the Q4 payout “could be just as strong.”
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Read More on ZIM:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
