The following are the latest ratings and target prices for US stocks from various brokerage firms:
China Merchants Securities (Hong Kong) maintains Amazon (AMZN.O) Buy rating, target price $269.0:
3Q25 revenue and operating profit exceeded expectations, with AWS revenue accelerating to $33 billion (20.2%), bringing the backlog to $200 billion. E-commerce and advertising businesses drove profit margin expansion in the North American and international segments. Significant progress was made in AI applications, with strong demand for Trainium chips and improved conversion rates from Rufus. We raise our target price to $269, based on 17.5x EV/EBITDA.
China International Capital Corporation We maintain our Outperform rating on Cloudflare Inc-A (NET.N) with a target price of $231.
The company's Q3 2025 results exceeded expectations, with rapid growth in revenue, profit, and cash flow, benefiting from increased purchases by major clients and improved sales efficiency. The advantages of its AI architecture and ecosystem collaborations drove improvements in RPO and retention rates. We have raised our 2025 revenue and profit forecasts, with our target price based on a 2026 P/S ratio of 31x, representing a 4% upside from the current price.
China Merchants Securities (Hong Kong) maintains its Buy rating on Coinbase Global Inc-A (COIN.O) with a target price of $410.0.
The company's Q3 2025 revenue and profit exceeded expectations, with strong trading business and significant growth in USDC and institutional revenue. We are optimistic about long-term opportunities in Everything Exchange, payment APIs, and the Base ecosystem. We are adjusting our FY26E valuation, raising our target price slightly to $410 to reflect the potential for business expansion and profit improvement.
CICC maintains its "Outperform" rating on Roblox Corp-A (RBLX.N) with a target price of $150.
3Q25 results exceeded expectations, with subscription revenue increasing by 70.3% year-on-year and adjusted EBITDA surging by 124.3%, benefiting from several hit games. Driven by the release of operating leverage. Although the guidance for 2026 is weak and increased investment will put pressure on profits, the continuous optimization of the ecosystem supports long-term value. The target price corresponds to 16/13x P/Bookings in 2025/2026, with an upside of 33%.
Huatai Securities We maintain our Buy rating on Roblox Corp-A (RBLX.N) with a target price of $166.94.
2025 Q3 bookings revenue reached $1.92 billion (+70.3% YoY), significantly exceeding expectations, primarily driven by hit games such as *Grow a Garden*, which boosted DAU to 152 million (+70.4% YoY), with paid user growth exceeding DAU growth. The company raised its full-year booking guidance to $6.59 billion, citing an improved creator ecosystem and AI tools and Roblox Moment enhancing content creation and social conversion. While short-term profits are impacted by infrastructure investment, long-term growth potential is significant. A target price of 17x EV/booking revenue for 2025 is given.
China Merchants Securities (Hong Kong) maintains its "Buy" rating on Roblox Corp-A (RBLX.N) with a target price of $166.
The company's Q3 results significantly exceeded expectations, with booking revenue increasing by 70% year-on-year, DAU reaching 151.5 million, and usage time increasing by 91%. International expansion and investment in AI have strengthened the company's ecosystem moat. Although increased capital expenditure in 2026 will suppress short-term profits, the long-term growth logic remains solid, the PSG valuation is reasonable, and the target price is based on 0.9 times the 2026 PSG.
CICC maintains positive outlook (TAL.N) Outperform rating, target price $16:
2QFY26 revenue and non-GAAP net profit both exceeded expectations, benefiting from the expansion of the tutoring business and AI education. Driven by the "XiaoSi AI 1-on-1" product, gross margin and operating profit margin improved year-on-year, with significant cost reduction and efficiency improvement. We have raised our FY26/FY27 earnings forecasts, using the SOTP (Sum-of-the-Parts) valuation method to reflect improved earnings visibility, and the current share price has a 31% upside potential.
CICC maintains P&G's (PG.N) Outperform rating, target price $186:
1QFY26 revenue and profit exceeded expectations, with organic growth of 2% and core EPS up 3% year-over-year, supported by cost reduction and efficiency improvements. Emerging markets remained stable, and the restructuring of non-core businesses progressed. We maintain our FY26/FY27 core EPS forecasts of $7.01/$7.36. The current valuation is 21x (FY2026), corresponding to a target price of 27x, representing a 24% upside.
Huachuang Securities Maintain Google-A (GOOGL.O) Buy rating:
FY25Q3 revenue reached $102.3 billion (+16%), with net profit surging 33%. Growth was driven by a full-stack AI strategy, with cloud revenue increasing by 34% to $15.2 billion and an operating profit margin of 23.7%. Strong demand for Gemini, TPU, and AI products led to a significant increase in capital expenditure to $91-93 billion, reflecting confidence in long-term growth.
Huatai Securities maintains its buy rating on Google-A (GOOGL.O) with a target price of $350.
3Q25 revenue and profit exceeded expectations, with advertising up 13% and cloud business up 34%, driven by AI. Gemini is integrated into the Chrome ecosystem, and TPU is open to expand third-party cloud partnerships, with a strong order backlog. We raise our 2026 PE ratio to 30x and our target price to $350, reflecting the accelerated commercialization of AI and the potential for valuation recovery.
First Shanghai maintains its Buy rating on Google-A (GOOGL.O) with a target price of $350.
Q3 2025 revenue reached $102.3 billion (+16%), with advertising and cloud businesses exceeding expectations across the board. AI drove growth in search, YouTube, and cloud. Gemini's monthly active users exceeded 650 million, and cloud order backlog reached 155 billion, accelerating AI commercialization. Profitability improved, and free cash flow was strong. The company increased its CapEx investment to $93 billion, strengthened its AI computing power layout, and demonstrated significant advantages in full-stack self-developed technologies, with long-term profits expected to exceed $200 billion.
Everbright Securities We give TAL Education Group (TAL.N) a buy rating:
The company's revenue for FY26Q2 was $861 million, up 39.1% year-over-year; non-GAAP net income attributable to shareholders was $136 million, up 82.7% year-over-year; and gross margin improved to 57.0%. The company's learning services and learning equipment businesses were the two main drivers of growth, with deferred revenue increasing by 58.9% year-over-year, reflecting resilient demand. Product mix optimization boosted sales, and significant cost reductions and efficiency improvements led to improved net profit margin. We have raised our earnings forecasts for FY2026-FY2028, reflecting our positive outlook on long-term growth potential.
Guojin Securities Maintain "Buy" rating on TAL Education Group (TAL.N):
FY26Q2 revenue reached $861 million (+39%), and non-GAAP net income was $136 million (+83%). The summer peak season drove growth in the enrichment program, and operating leverage improved profit margins. Deferred revenue increased by 59% year-over-year, indicating optimistic enrollment prospects for the fall semester. Hardware business is ramping up but is still in the investment phase. We are optimistic about the AI education strategy and its long-term recovery trend.
China Merchants Securities (Hong Kong) maintains its "Buy" rating on TAL Education Group (TAL.N) with a target price of US$16.7.
The company's revenue increased by 39.1% year-on-year in Q2 of FY26, and non-GAAP operating profit surged by 67%, with cost control and profit margin expansion exceeding expectations. Deferred revenue increased by 60%, cash flow remained robust, and share buybacks boosted confidence. Offline, online school, and smart hardware businesses all maintained high growth, with optimistic profit prospects driving an upward revision of the target price.
CICC maintains Huazhu (HTHT.O) Outperform rating, target price $48:
The company continues to upgrade its brand and expand its scale, expecting to reach 20,000 stores by 2030 and 50,000-60,000 stores in the long term. The company is deepening its presence in mid-to-high-end and lower-tier cities, and the franchise model is improving profitability. We maintain our 2025/26 earnings forecasts and, benefiting from the upward shift in industry valuations, raise our target price to $48, corresponding to 12x 2026e EV/EBITDA.
Guoxin Securities Maintain an Outperform rating on Meta Platforms Inc-A (META.O):
The company's Q3 2025 revenue reached $51.2 billion (up 26% year-over-year), with advertising revenue exceeding expectations. AI drove a double increase in user time spent and ad conversions. Reels and Instagram videos experienced rapid growth, and AI tools significantly reduced customer acquisition costs. Although high capital expenditures put pressure on profit margins, long-term technology investments are expected to improve monetization efficiency. The company's performance guidance is positive, and revenue forecasts have been revised upwards.
Guohai Securities We maintain our Buy rating on Meta Platforms Inc-A (META.O) with a target price of $845.
Q3 revenue reached $51.242 billion (YoY +26%), driven by AI-driven improvements in advertising efficiency and exceeding expectations for FoA revenue. Net income excluding one-time taxes was $18.6 billion (YoY +19%). The AI ecosystem is expanding, with Reels and Advantage+ driving commercialization, and capital expenditure increased to $72 billion to address AI investments. Although Llama's underlying performance fell short of expectations, leading to a lower target price, its long-term growth resilience still supports a buy rating.
Guotai Haitong We maintain our Overweight rating on Meta Platforms Inc-A (META.O) with a target price of $790.
Advertising revenue was strong, with AI driving growth in the content ecosystem and usage time, resulting in a 26.2% YoY increase in Q3 2025 revenue. Revenue forecasts for 2025-2027 have been raised, with AI recommendation system optimization improving advertising efficiency. Continued investment in AI and the metaverse has led to upward revisions to capital expenditure and expense guidance. Reality Labs saw significant revenue growth, and the smart glasses market is responding well. A target price of $790 is given at a 2026 PE ratio of 26x.
CICC maintains its position on Southern Copper. (SCCO.N) Outperform rating, target price $156.00:
3Q25 results slightly exceeded expectations, with excellent cost control driving profit improvement. The Tia Maria project is expected to commence production in 2027, supporting long-term output growth. We have raised our 2025-2026 EPS forecasts, based on higher metal price assumptions and improved profitability, and accordingly revised our DCF valuation upwards, raising our target price to US$156.00, representing a 10% upside from the current price.
CICC maintains Opera browser (OPRA.O) Outperform rating, target price $23:
Q3 2025 revenue and profit exceeded expectations, with strong growth in advertising and query businesses, the launch of a subscription model for the AI browser Opera Neon, and high growth in the MiniPay stablecoin business. The company's core business is robust, with increasing revenue per user. The core business is valued at only 16 times PE in 2025, corresponding to a target price of 25 times PE, representing a 53% upside potential.
Zheshang Securities Maintain Pinduoduo (PDD.O) Buy rating:
Pinduoduo's main platform ecosystem is being optimized to promote high-quality development; Temu's overseas expansion is accelerating, with breakthroughs in multiple locations in Europe, America, and Latin America. Although constrained in the short term by tariffs and compliance pressures, its new fully managed and partially managed models are expected to reshape its competitiveness in the US market, while its "home-to-home" layout in Europe is opening up new growth opportunities. We are optimistic about its global supply chain integration capabilities and long-term market share growth potential.
CITIC Securities Maintain Apple (AAPL.O) Overweight rating, target price $300:
iPhone and Greater China revenue were impacted by supply constraints, but service revenue hit a record high, and next quarter's revenue and gross margin guidance exceeded expectations. The company has significant advantages in its software and hardware ecosystem, a high dividend yield, and AI advancements and product innovations are expected to further catalyze performance. We are raising our target price to $300.
Guojin Securities maintains its buy rating on Apple (AAPL.O):
The company achieved double-digit growth in revenue and net profit in FY25Q4, driven by iPhone and services businesses. Demand for the iPhone 17 was strong, while supply was limited; service revenue exceeded 100 billion, with robust profitability and cash flow. Net profit is expected to continue growing in FY26-FY28, solidifying its leading position and demonstrating both growth potential and profitability.
CICC maintains ResMed (RMD.N) Outperform rating, target price $325:
The company's 1QFY26 results met expectations, with revenue up 9% year-over-year and net profit up 15% year-over-year. The sleep apnea business remained robust, software service integration continued to advance, and gross margin improved to 61.5%. Strong cash flow supported R&D investment, and the digital health ecosystem is well-developed. Based on a 2026 fiscal year non-GAAP P/E ratio of 31.4x, the target price represents a 31.6% upside.
CICC maintains Trane Technology's (TT.N) Outperform rating, target price $456.35:
3Q25 profit exceeded expectations, with adjusted EPS increasing by 15% year-over-year to $3.88, primarily driven by strong commercial HVAC performance in the Americas. Although guidance for 2025 was lowered, the commercial business is expected to benefit from AI-driven data centers. Thermal management demand is strong, with a positive long-term outlook. The target price is based on a 2025 P/E ratio of 35.0x, representing a 2.2% upside from the current price.
First Shanghai maintains Tesla (TSLA.O) Buy rating:
Tesla's Robotaxi service has expanded to San Jose Airport; the rollout of FSD V14.1.3 has been broadened and overseas testing is planned; the AI5 chip's performance is expected to be 40 times that of AI4, demonstrating significant advantages from vertical hardware integration. Deliveries of the Model Y standard edition reinforce its cost-effectiveness strategy; insurance registrations in China increased by 25% year-on-year, with multiple advancements validating its long-term competitiveness.
CICC maintains Mastercard's (MA.N) Outperform rating, target price $620:
3Q25 results slightly exceeded expectations, with continued improvement in payment transactions and cross-border transactions driving revenue growth. Growth in non-US markets accelerated to 13%, and value-added service revenue increased by 25% year-on-year. Although rising expenses and tax rates suppressed profits, the full-year guidance was solid, with positive share buybacks and dividends. Based on a 2025 PE ratio of 37.6x, the target price reflects long-term growth potential.
CICC maintains Microsoft's (MSFT.O) Outperform rating, target price $586:
Microsoft's Q1 fiscal year 2026 revenue and profit both exceeded expectations, with AI driving Azure's 40% year-over-year growth. User base and usage time saw significant increases, building a complete AI ecosystem. We have raised our earnings forecasts for fiscal years 2026 and 2027, corresponding to P/E ratios of 34x and 30x respectively. Our target price implies an 8% upside, reflecting our optimism regarding its AI synergies and cloud growth potential.
Guoxin Securities maintains its "Outperform" rating on Microsoft (MSFT.O):
Microsoft's FY26Q1 revenue reached $77.7 billion (+18% YoY), with Intelligent Cloud revenue up 28%, Azure up 40% (+39% CC), commercial bookings up 112% YoY, and RPO reaching $392 billion (+51%). M365 Copilot and cloud subscriptions drove productivity business growth, while high capital expenditures supported AI expansion. Strong orders and growth guidance highlight long-term certainty.
Huatai Securities maintains its buy rating on Microsoft (MSFT.O) with a target price of $648.00.
FY26Q1 revenue and profit exceeded expectations, with intelligent cloud revenue reaching $30.9 billion (YoY +28%) and Azure growing 40% year-over-year, benefiting from OpenAI's $250 billion service acquisition and the extension of its partnership to 2032. Copilot MAU exceeded 150 million, driving a 20-25% increase in average order value for E5 orders. The FY26E PE ratio has been raised to 40x, reflecting the company's competitive advantage in AI and the growth momentum of cloud computing. The upward revision of CapEx confirms confidence in long-term investment.
Huachuang Securities maintains its support for Western Data. (WDC.N) Buy rating:
The company's FY26Q1 revenue reached $2.818 billion (YoY +27%), with a gross margin of 43.9%, exceeding expectations. This was primarily driven by strong demand for high-capacity nearline hard drives and significant cost control effectiveness. Cloud business accounted for 89% of revenue, with high customer order visibility and extensive procurement agreements expected throughout 2026. Non-GAAP gross margin guidance was further improved to 44%-45%, indicating continued profitability recovery.
China Merchants Securities (Hong Kong) maintains its view on New Oriental. (EDU.N) Overweight rating, target price $70:
Q1 2026 revenue growth of 6% met expectations, while non-GAAP operating profit exceeded expectations by 3.7 percentage points, mainly due to cost control and operational efficiency improvements. Accelerated K12 business and the recovery of Oriental Selection drove improved profitability. We have raised our FY26 non-GAAP operating profit forecast by 9%, and the shareholder return of over 5% is attractive. The SOTP valuation corresponds to a PE ratio of 22x/18x for FY26/27.
China Merchants Securities (Hong Kong) gave Estée Lauder (EL.N) Overweight rating, target price based on 45.0x FY27 P/E ratio:
The company's first-quarter recovery was significant, with a rebound in travel retail in China and Asia, increased market share in the US, and improved operational efficiency driven by PRGP. Earnings forecasts have been revised upwards by 10-15%, and the valuation has been switched to the PE method to reflect the expected earnings turnaround. The target price corresponds to a PE ratio of 45x for FY27, indicating upside potential.
Huachuang Securities maintains its buy rating on Amazon (AMZN.O):
Q3 2025 revenue reached $180.2 billion, a 13% year-over-year increase. AWS revenue grew 20% to $33 billion, with annualized AI revenue reaching several billion dollars. Trainium 2 revenue increased 150% quarter-over-quarter. Excluding special items, operating profit was $17.4 billion, demonstrating strong profitability. Increased capital expenditure on AI and cloud infrastructure provides ample long-term growth momentum.
Huatai Securities maintains its "Buy" rating on Amazon (AMZN.O) with a target price of $351.87.
3Q revenue and profit exceeded expectations, AWS cloud business accelerated growth, and the release of Rainier cluster capacity is expected to improve AI computing power supply. Capex is increasing its investment in AI and infrastructure, automating its e-commerce business to reduce costs and increase efficiency, and showing potential in grocery and AI-powered shopping guides. Revenue forecasts for 2025-2027 have been revised upwards, and the SOTP valuation corresponds to a 2026 PE ratio of 42.9x.
Guoxin Securities maintains its "Outperform" rating on Amazon (AMZN.O):
Q3 2025 revenue reached $180.2 billion (+13%), with operating profit up 25% excluding one-time expenses. AWS revenue increased by 20% to $33 billion, and backlogged orders reached $200 billion. Strong demand for advertising, the AI shopping assistant Rufus, and Trainium chips led to an upward revision of capital expenditure to $125 billion, with capacity expansion supporting long-term growth. Earnings forecasts for 2025-2027 have been revised upwards, and the PE ratio is attractive.
Everbright Securities maintains its buy rating on Amazon (AMZN.O):
Q3 2025 revenue and EPS exceeded expectations, with AWS revenue accelerating and Trainium2 orders booming. The AI e-commerce assistant Rufus is experiencing rapid user growth, and capital expenditure continues to expand capacity. Although Q4 profit guidance is slightly lower, the company is poised to benefit from the long-term recovery of its cloud business and the commercialization of AI. Earnings forecasts for 2025-2027 have been revised upwards, and the current price corresponds to a gradually declining PE ratio, making it a worthwhile investment.
China Merchants Securities (Hong Kong) maintains its "Overweight" rating on Amazon (AMZN.O) with a target price of $301.
Third-quarter revenue and profit both exceeded expectations, with AWS growth rebounding to 20.2%, benefiting from increased capacity and AI demand. Advertising and online retail remained robust, and Prime users demonstrated resilience. The impact of tariffs was limited, and restructuring and optimization are expected to improve future profit margins. AI deployment is deepening, with Trainium 2 chips and Project Rainier clusters strengthening cloud competitiveness. DCF valuation has been revised upwards, with risks primarily stemming from macroeconomic factors, competition, and regulation.
Guoxin Securities (Hong Kong) maintains its buy rating on Amazon (AMZN.O):
The company's revenue in Q3 2025 was $180.2 billion (+13% YoY), with AWS growth rebounding to 20%, a three-year high, and operating profit exceeding expectations. Adjusted profit excluding one-time expenses was strong, driven by deepening AI investment and continued expansion of data center capacity, which will fuel long-term growth.
(Article source: CLS)
