大行评级｜大摩：下调中通快递目标价至23.8美元 下调2025至27年盈测

Group 1 - Morgan Stanley has lowered the target price for ZTO Express from $24.6 to $23.8 while maintaining an "Overweight" rating [1] - The earnings estimates for the years 2025 to 2027 have been reduced by 1%, 2%, and 2% respectively [1] - Key factors for the adjustments include a slowdown in industry growth in the second half of 2025 leading to a downward revision in package volume forecasts, an increase in average selling prices due to anti-involution, and the impact of other one-time items [1]