The following are the latest ratings and target prices for US stocks from various brokerage firms:
China Merchants Securities (Hong Kong) Maintains Buy rating on Luckin Coffee (LKNCY.F) with a target price of HK$54.68.
While Q3 2025 results were pressured by rising delivery costs, customer retention rates were significantly better than peers, demonstrating a solid long-term competitive advantage. Although a high base may impact future growth, the company has multiple growth drivers, including category expansion, promotion of star products, and new customer acquisition. With an attractive FY26E valuation of only 18x, delivery costs are expected to decline, improving the profit outlook.
China Merchants Securities (Hong Kong) maintains its support for Alibaba. (BABA.N) Buy rating, target price $204:
Alibaba launched the Qianwen app, demonstrating its ambition in the consumer AI strategy and driving growth through full-stack AI capabilities and ecosystem synergy. With a leading market share in AI cloud, expansion into consumer applications is expected to boost valuation. Despite disruptions from the "White House memo" incident, the company's fundamentals remain solid, and pullbacks present buying opportunities. We maintain our target valuation of 21x FY27 PE.
China International Capital Corporation Maintain iQiyi (IQ.O) Outperform rating, target price $2.50:
3Q25 results met expectations, with membership and advertising revenue improving sequentially. The outstanding performance of the "Tang Ghosts" IP boosted user engagement. 4Q25 revenue is expected to increase both year-on-year and sequentially, with content costs declining and expenses under control. We are optimistic about the implementation of new policies, overseas growth, and the development of the IP ecosystem. We have lowered our 2025/2026 net profit forecasts, with a target price corresponding to an adjusted 2026 P/E ratio of 18x, representing an upside of 22%.
CICC maintains its position on Yum China (YUMC.N) Outperform rating, target price $58:
The company's "front-end layering, back-end aggregation" strategy promotes cross-brand synergy, and store expansion and penetration into lower-tier cities drive double-digit growth in system sales and profits. Pizza Hut's profitability is improving, the franchise model is enhancing returns, and starting in 2027, free cash flow will be fully returned to shareholders. The current valuation is 18 times the 2025 P/E ratio, and the target price of $58 implies a 25% upside.
BOCOM International granted Broadcom (AVGO.O) Buy rating, target price $425:
Company AI Semiconductor Revenue is projected to achieve an 87% CAGR from fiscal years 2025-27, driven by both xPU ASIC accelerator chips and AI communication networks. VMware integration is exceeding expectations, enhancing software synergy and profitability stability. Non-GAAP EPS is projected to reach $12.00 in fiscal year 2027, with high visibility for earnings growth. Target price is $425, corresponding to a PE ratio of 45x for fiscal years 2026 and 35x for fiscal years 2027.
BOCOM International maintains its Buy rating on Legend Biotech (LEGN.O):
Carvykti's revenue in Q3 2025 increased by 70% year-over-year and 7% quarter-over-quarter, while losses narrowed by 70%. Sales are projected to increase by 45% to $2.8 billion in 2026, benefiting from increased penetration of early-line treatments, increased overseas commercialization, and capacity expansion to 10,000 doses. ASH data validates that earlier use yields better results, driving long-term peak sales to $6.9 billion, and the company is expected to achieve break-even in 2026.
CICC maintains Huazhu (HTHT.O) Outperform rating, target price $53:
3Q25 results met expectations, with franchise profits accounting for 70% and RevPAR improving sequentially. We are optimistic about the supply-demand balance and market share increase in 2026. We maintain our 2025/26 net profit forecasts and raise our target price due to the upward shift in industry valuations; the current price corresponds to 13x 26e EV/EBITDA.
CICC maintains full support (YMM.N) Outperform rating, target price $14.56:
3Q25 revenue was RMB 3.36 billion, up 10.8% year-on-year; adjusted net profit attributable to shareholders was RMB 990 million, down 20.4% year-on-year, slightly below expectations, mainly due to the provision for dividend tax. Better-than-expected user retention in the freight brokerage business led to an upward revision of full-year revenue. Cost control was effective, and profit growth is projected at 19.2%/14.2% in 2025/26. The target price is based on a 2025 P/E ratio of 22.4x, representing an upside of 18.2% from the current level.
Huatai Securities We maintain our Buy rating on Full Truck Alliance (YMM.N) with a target price of $17.8.
3Q25 revenue and profit exceeded expectations, with core transaction service revenue increasing by 39% year-on-year, and both commission penetration and order volume rising. Optimized cost control led to improved operating profit margins. Although affected by tax fluctuations in the short term, long-term benefits from the increased proportion of high-margin businesses and the industry's online growth are expected to drive further profit improvement.
CICC maintains its position on Pinduoduo (PDD.O) Outperform rating, target price $148:
3Q25 revenue met expectations, while non-GAAP net profit exceeded expectations, primarily due to savings in marketing expenses and strong investment returns. Advertising revenue was under pressure due to site-wide marketing incentives for consumers, putting pressure on short-term monetization rates. Temu's overseas MAU saw strong growth, with a return to growth in the US, indicating a positive global expansion trend. Earnings forecasts have been slightly lowered, but the profit trend remains positive; therefore, the target price of 11x PE for 2026 is maintained.
CICC maintains its position on Niu Technologies. (NIU.O) Outperform rating, target price $5.4:
3Q25 results met expectations, with revenue of RMB 1.69 billion, a year-on-year increase of 65.4%, and non-GAAP net profit of RMB 88.37 million, turning a profit from a loss in the same period last year. Domestic sales increased by 74.2% year-on-year, with improved revenue per vehicle, and both gross margin and net margin improved both year-on-year and quarter-on-quarter. The company continues to expand its channels, and with the optimized business structure, it is expected to achieve alpha growth. The target price reflects the profit growth potential in 2026 and the premium of a leading company.
CICC maintains its position on Ctrip (TCOM.O) Outperform rating, target price $92.5:
3Q25 revenue and profit exceeded expectations, with outbound tourism recovering to 140% of 2019 levels and international hotel revenue increasing by 70% year-on-year. Benefiting from overseas peak season investment and strong inbound tourism growth, we have raised our 2025/2026 earnings forecasts and increased our target price to US$92.5, corresponding to a 2026 non-GAAP P/E ratio of 23x, representing a 30% upside from the current price.
(Article source: CLS)
