The bank upgraded the express delivery company to buy from neutral and raised its price target on the stock to $42 per share from $37.
That equates to 50% upside from Monday's closing price of $28.31. Goldman analyst Ronald Keung expects the company to gain about 1.5% of market share compared to peer express delivery stocks like YTO Express , and thinks the company's valuation is attractive at 18 times 2023 earnings.
Competition has also eased in the sector, Keung added, with Yunda Express falling this year to third in terms of market share. "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," Keung said. U.S.-listed shares of ZTO Express are up just 4% year to date. However, the stock has rallied 58% over the past six months.
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