2023-04-25 07:23:54 ET
Goldman Sachs upgraded ZTO Express ( NYSE: ZTO ) to a Buy rating from Neutral on Tuesday and pointed to more than 50% upside for the transport logistics stock amid some easing competition.
Analyst Ronald Keung and team expect the top two express players to gain further share and believe both are well positioned in this competitive environment where service quality/quality growth has become the priority.
"With our estimate changes, we are now 1-4% above consensus for top line over 2023-24E and 1-6% above for net profit, and introduce our 2025E forecasts," he noted.
Goldman Sachs assigned a price target of $42 to ZTO.
Shares of ZTO Express ( ZTO ) gained 0.44% in premarket trading to $28.06 vs. the 52-week trading range of $16.27 to $29.79.
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ZTO Express is on watch after attracting bull rating from Goldman Sachs