BofA analyst Fan Tso lowered the firm’s price target on ZTO Express (ZTO) to $20 from $22 and keeps a Neutral rating on the shares after weekly data from China’s Ministry of Transport suggested that express delivery volume growth slowed to about 10% year-over-year in August. The firm likes ZTO for its “best-in-class” unit net profit, but sees a lack of near-term consolidation opportunities in the market, the analyst noted.
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