Berenberg Capital has upgraded shares in container giant Hapag-Lloyd despite headwinds facing the sector, including disruption from IMO 2020 rules.
Analysts led by Joel Spungin raised Hapag to buy and adjusted their target price from €34 to €31 per share.
“We believe Hapag’s valuation discount to the sector has grown too wide and that the risk-reward is once again attractive,” Spungin and his colleagues wrote.
