CITIC Lyon Raises Lenovo Group Target Price to HKD 48.7, Maintains Outperform Rating
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CITIC Lyon released a report stating that Lenovo Group's performance for the first quarter of the fiscal year 2027, ending in June, exceeded expectations, primarily driven by increased revenue and profit margins in its server business. The report noted that Lenovo is transforming into a significant player in the AI server market, prompting the target price to be raised from HKD 36 to HKD 48.7, while maintaining an "Outperform" rating. Additionally, the bank raised its adjusted net profit forecasts for Lenovo for the fiscal years 2027-2028 by 40% and 35%, respectively, to USD 4.4 billion and USD 4.8 billion, continuing to view it as a preferred stock in the Chinese technology sector.
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