ZTO Express (ZTO) PT Lowered to $21 at Jefferies

Jefferies analyst Thomas Chong lowered the price target on ZTO Express (NYSE: ZTO) to $21.00 (from $24.00) while maintaining a Buy rating.

The analyst comments "ZTO reported 1Q results with revenue and non-GAAP earnings coming in below consensus. 1Q parcel volume came in below our expectations, and ASP is softer than expected. Management reaffirms full-year parcel volume target in 2025. Retail parcels, in particular reverse logistics volumes are seeing fast-growing trends. Cost efficiency is expected to further improve with direct linkage a key initiative. Maintain Buy and lower PT on lower earnings assumptions."

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