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Morgan Stanley released a report lowering the target price of ZTO Express from $24.6 to $23.8, with a "hold" rating. The bank lowered its earnings forecasts for the years 2025 to 2027 by 1%, 2%, and 2%, respectively. The main factors considered include a slowdown in industry growth in the second half of 2025 leading to a downward revision of parcel volume forecasts, anti-inner loop causing an increase in average selling price, and other one-off project impacts.
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