ZTO Express price target lowered to $34 from $39 at BofA

BofA analyst Fan Tso lowered the firm’s price target on ZTO Express to $34 from $39 but keeps a Buy rating on the shares. The company’s Q2 results were “solid” amid stiff price competition, but shares are likely to be volatile in the near term given slower market share gains and a lack of price hikes prior to the the November e-commerce peak season, the analyst tells investors in a research note. Longer term, BofA is positive on ZTO however and believes that it will continue to deliver above-average growth given its unit cost advantage.