Maersk: Stifel maintains buy rating

(CercleFinance.com) - Stifel reinstates its 'buy' rating on Maersk shares, along with its 20,300 Danish kronor target price, while raising its 2022 and 2023 EBITDA estimates by 15% and 10% respectively, in a report on European shipping groups.


The broker believes that the window of opportunity for a significant normalisation of the freight rate in 2022 has closed, and that "we now face the start of the peak season, the re-opening of Shanghai and the start of the wage negotiations at the US West coast ports".

Nevertheless, Stifel believes that "current valuations for freight forwarders suggests that the market already prices in a swift return to pre-pandemic levels for gross profit per units and conversion rates in FY23".


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