ZIM Integrated price target raised to $15.90 from $13.70 at BofA

BofA raised the firm’s price target on ZIM Integrated (ZIM) to $15.90 from $13.70 and keeps an Underperform rating on the shares. The firm increased its 2024 EBITDA estimate by 18% to reflect the Q3 earnings beat, noting that the company raised its FY24 adjusted EBITDA guidance. BofA increased its price target as it rolls out valuation to 2025 and applies a lower price-to-book target multiple of 0.5x, implying -20% total return, including dividend.