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ZTO Express price target lowered to $22.60 from $26.40 at Citi

Citi lowered the firm’s price target on ZTO Express (ZTO) to $22.60 from $26.40 and keeps a Buy rating on the shares. Amid more intense than expected price competition, product structure change and volume incentives may continue to impact ZTO’s selling prices, the analyst tells investors in a research note. The firm says that while ZTO’s April faced some challenge in volume growth, recent May parcel volume growth was around 20% year-over-year.

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