Morgan Stanley raised the firm’s price target on ZTO Express (ZTO) to $30.10 from $28.50 and keeps an Overweight rating on the shares. The firm, which notes that it is raising forecasts for the third time in six months post the company’s Q1 results, contends that market share gains and better unit profitability should support ZTO’s re-rating despite slower industry volume growth and rising fuel costs.
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Read More on ZTO:
- ZTO Express reports Q1 adjusted EBITDA $571.4M, up 6.9% y/y
- ZTO Express reports Q1 adjusted EPS RM2.95, consensus RMB3.07
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- ZTO Express Keeps Share Capital Steady, Adjusts Convertible Note Terms After Dividend
- ZTO Express price target raised to $29 from $25 at JPMorgan