Stifel has slashed its price target for container ship operator Matson by 13% after the Hawaii company’s earnings preview showed a faster-than-expected erosion of freight rates.

The US investment bank’s price target fell to $81 per share from $93. With 40.1m diluted Matson shares outstanding, the new target cuts $481m from the target market capitalisation implied by Stifel’s prior estimate.

The firm kept its “hold” rating on Matson’s New York-listed shares.

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