DJ Cosco Shipping Faces Elevated Freight Rates on Unprecedented Cargo Demand -- Market Talk
0214 GMT - Cosco Shipping's 1Q earnings may be strong, Bocom International says, raising the stock's target price to HK$13.48 from HK$5.85 with an unchanged buy rating. The shipping company's elevated freight rates are underpinned by unprecedented cargo demand, while supply challenges show no signs of easing, the brokerage says. The company's volumes should sustain firm growth in 1H, thanks to a low base in 1H 2020 and portions of restocking orders delayed till after the Lunar New Year holidays. Cosco Shipping shares slide 6.6% to HK$10.18. (ronnie.harui@wsj.com)
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January 18, 2021 21:14 ET (02:14 GMT)
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