JPMorgan upgraded ZTO Express (ZTO) to Overweight from Neutral with a price target of $21, down from $23. As the leading Tongda player, ZTO is positioned to “remain resilient” and benefit from industry consolidation in the second half of 2025, the analyst tells investors in a research note. In addition, the Hang Seng Index has confirmed the inclusion of ZTO Express as a blue-chip stock, effective after market close on June 6, which will increase liquidity and improve investor sentiment, contends JPMorgan. The firm sees an improved risk/reward at current share levels.
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