Why Zim Integrated Shipping Stock Is Down Today

At least one analyst believes the rally is running out of steam. Shares of Zim traded down 15% as of 10:30 a.m. ET after Citigroup downgraded the stock to a sell. Citi analyst Sathish Sivakumar is calling a top. The analyst downgraded Zim shares to sell from neutral with a price target of $13, suggesting more than 30% downside from current prices. Sivakumar wrote that the recent move in spot freight rates up more than 70% is unlikely to sustain into the second half of the year. Is this as good as it gets fo ...