ZTO Express price target lowered to $30 from $36.50 at Citi

Citi lowered the firm’s price target on ZTO Express to $30 from $36.50 and keeps a Buy rating on the shares. The company’s Q2 net profit topped estimates and its market share expanded by 0.5 points to 23.5%, with volume growth of 24% offsetting the 8% decline in average sales price, the analyst tells investors in a research note. Despite headwinds in Q3 amid intensified competition and base-effect gradually normalizing for volume growth, the firm’s full-year parcel volume and net profit growth outlooks remain intact, Citi added.