ZTO Express price target lowered to $31 from $36 at Bernstein

Bernstein lowered the firm’s price target on ZTO Express to $31 from $36 but keeps an Outperform rating on the shares. The company’s Q2 results exceeded profit expectations despite the rising average sales price pressures, the analyst tells investors in a research note. The firm adds however that it sees improved free cash flows as ZTO continues to reduce CAPEX, forecasting free cash flow margins of 9% this year and growing to 17% in FY25.