BofA upgraded ZTO Express to Buy from Neutral with a price target of $29, up from $22, citing an improved shareholders’ return outlook. Management has set a 40% dividend payout policy, to be distributed semi-annually, and upsized the share repurchase program by $500M through Jun 2025, to nearly $1B remaining. These two factors combined imply up to 8% shareholder return, which “should justify ZTO’s value as a long-term holding,” the analyst tells investors.
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