The following are the latest ratings and target prices for US stocks from various brokerage firms:
China International Capital Corporation Maintain Yixian E-commerce (YSG.N) Outperform rating, target price $9:
3Q25 results exceeded expectations, with revenue increasing by 47.5% year-on-year. Both skincare and makeup saw growth, and improved gross margins combined with economies of scale helped narrow losses. Strong new product momentum and optimized product mix contributed to improved profitability. Following the downward revision of earnings forecasts, the corresponding P/S ratios for 2025-2026 are 0.8x/0.7x. The target price of $9 reflects a P/S ratio of 1.3x/1.1x, representing a 65% upside from the current price.
CITIC Securities Maintain Uber (UBER.N) Buy rating:
Q3 2025 order volume and revenue exceeded expectations, ride-hailing continued to penetrate the market, and the food delivery business accelerated its growth. Adjusted EBITDA met expectations. Demand remained robust, and overseas expansion and supply optimization enhanced the resilience of the performance. L4 autonomous driving cooperation is progressing, and Robotaxi is expected to be deployed in 10 cities by 2026, promising long-term growth.
CITIC Securities maintains Airbnb (ABNB.O) Overweight rating:
3Q25 revenue and bookings continued healthy growth, benefiting from "book now, pay later" product innovation and overseas expansion. Although profit margins were impacted in the short term by a one-off tax, full-year EBITDA margin is expected to meet guidance. AI customer service and AI search optimize the user experience, the experience business is progressing steadily, and the hotel business pilot program is deepening. Easing inflation and interest rate cuts are beneficial to the recovery of demand and supply, while increased monetization and global expansion support long-term upside potential.
China Merchants Securities (Hong Kong) maintains Baidu (BIDU.O) Buy rating, target price $150.7:
3Q25 results exceeded expectations, with AI marketing revenue surging 262% year-on-year and AI cloud infrastructure revenue reaching 4.2 billion yuan, a year-on-year increase of 33%. Apollo Go fully autonomous driving... Order volume increased by 212% year-on-year. The operating profit margin of the core business has bottomed out and rebounded, new growth momentum driven by AI is emerging, and improved shareholder returns and transparency are expected to catalyze valuation recovery.
CICC maintains its position on BOSS Zhipin (BZ.O) Outperform rating, target price $23:
3Q25 revenue met expectations, while Non-GAAP net profit exceeded expectations by 10.3%, primarily due to strong investment gains. Recruitment activity improved, with significant contributions from blue-collar workers and lower-tier cities, and AI products improved matching efficiency. We have raised our 2025/2026 Non-GAAP net profit forecasts, benefiting from improved cost control and operational efficiency. Our target price corresponds to a 2025 P/E ratio of 22x, representing a 12% upside from the current price.
Orient Securities We maintain our Buy rating on BOSS Zhipin (BZ.O) with a target price of $27.88.
The company's revenue and profit both exceeded expectations in Q3 2025. A rebound in recruitment demand drove a recovery in paid user growth, with active recruitment in blue-collar and AI-related industries. Cash flow improved significantly, with Q3 cash receipts increasing by 14.2% year-on-year. A stabilizing macroeconomy supports demand in 2026, and the platform's leverage effect is becoming apparent, suggesting potential for profit elasticity. Based on the DCF model, we have slightly raised our target price to $27.88.
China Merchants Securities (Hong Kong) maintains its support for iQiyi. (IQ.O) Buy rating, target price US$2.65:
3Q25 revenue met expectations, with membership business recovering sequentially; 4Q25 revenue is projected to grow 2% year-over-year. Membership revenue is expected to rebound, benefiting from high-quality dramas and policy support. Overseas revenue increased by over 40%, and progress was made in micro-dramas and AI applications. Non-GAAP losses were mainly due to content investment; profitability is expected to improve in 2026. The target price is based on 18x 2026E non-GAAP EPS.
China Merchants Securities (Hong Kong) maintains its "Buy" rating on BOSS Zhipin (BZ.O) with a target price of US$25.5.
The company's 3Q25 revenue and non-GAAP net profit both exceeded expectations, with improved recruiter supply and demand driving a recovery in hiring demand. AI products improved job-person matching efficiency, leading to active hiring in the manufacturing and technology sectors. Excellent cost control resulted in a 10ppt year-over-year increase in Non-GAAP OPM to 41.8%. We have raised our FY25-27E earnings forecasts by 6-7% and maintain our target price of US$25.5 based on a 21x FY26E non-GAAP PE.
China Merchants Securities (Hong Kong) maintains its support for Pinduoduo. (PDD.O) Buy rating, target price US$154.3:
3Q25 revenue and earnings exceeded expectations, with non-GAAP net profit increasing by 14.3% year-on-year. Better-than-expected cost control drove OPM improvement. Although marketing service revenue is under short-term pressure, ecosystem support policies are expected to strengthen long-term competitiveness. We have raised our 2025-2027 non-GAAP net profit forecasts by 6-9%, and correspondingly raised our SOTP valuation to US$154.3.
CITIC Securities has given Reddit Inc-A (RDDT.N) a buy rating with a target price of $252.
Reddit, as a unique content community, possesses high-quality AI corpus. Resources will benefit from the growing demand for AI training. The company leverages AI to improve advertising monetization and user growth, with a clear commercialization path and significant growth potential in the medium to long term. Despite concerns about valuation and reliance on industry giants, its strong content moat and profit potential support the target price.
CITIC Securities maintains its "Buy" rating on Take-Two Interactive Software Inc (TTWO.O):
The company's FY2026Q2 results exceeded expectations, primarily due to the strong performance of NBA 2K26 and the recovery of its mobile business. While the delay of GTA 6 may have a short-term catalyst, the company's rich IP portfolio, strong R&D capabilities, and solid medium-term outlook remain positive. We continue to be optimistic about its integration and expansion capabilities and its gaming business. Quality improvement.
China Merchants Securities (Hong Kong) maintains its support for Ctrip. (TCOM.O) Buy rating, target price $83.0:
3Q25 revenue and earnings exceeded expectations, with international business revenue increasing by over 60% year-over-year. Improved operational efficiency in domestic and outbound businesses drove non-GAAP OPM improvement. We have raised our revenue and earnings forecasts for 2025-2027 and adjusted our target price to US$83.0 based on the DCF model, corresponding to a 2026E non-GAAP PE of 20x.
Guotai Haitong We maintain our "Overweight" rating on iQiyi (IQ.O) with a target price of $2.73.
Due to competition from content platforms, we have lowered our revenue and profit forecasts for 2025-2027. Q3 revenue stabilized sequentially, the year-on-year decline in membership services narrowed, overseas business saw strong growth, and AI is driving content production and advertising monetization. Based on a 2026 PE valuation of 18x, and referencing comparable companies, we give a target price of $2.73.
China Merchants Securities maintains its position on Dingdong Maicai (DDL.N) Strong Buy rating:
The company's Q3 2025 GMV reached 7.27 billion RMB, up 0.1% year-on-year, with order volume increasing by 2.2%, and revenue reaching 6.66 billion RMB, up 1.9% year-on-year. Non-GAAP net profit was 100 million RMB, down 37.3% year-on-year, with net profit margin under pressure mainly due to CPI impacts and investments in quality products and overseas expansion. Gross profit margin was 28.9%, down 0.9 percentage points year-on-year, and fulfillment expense ratio was 21.5%. The pre-warehouse model has significant advantages, with the fresh food supply chain and product strength building barriers to entry. The 4G strategy has yielded significant results, with the proportion of quality product GMV increasing to 44.7%, and both user conversion and frequency of use rising. Expansion in East China is progressing smoothly, and the new strategy of "One Big, One Small, One World" opens up growth opportunities.
CICC maintains its position on Futu Holdings. (FUTU.O) Outperform rating, target price $250:
3Q25 results exceeded expectations, with revenue and non-GAAP net profit showing strong year-over-year growth, primarily driven by improved customer assets, net interest income, and profit margins. International expansion accelerated, with users and AUM showing double-digit sequential growth. Virtual assets and AI innovation strengthened alpha. We have raised our 2025/2026 earnings forecasts; current valuation is attractive, with an upside potential of 48%.
CITIC Securities maintains its "Buy" rating on Futu Holdings (FUTU.O) with a target price of $201 per ADS.
Benefiting from the recovery of global capital markets, the company has seen a sustained high growth in overseas customer acquisition and funded clients, driving a steady increase in brokerage commissions and interest income. Based on a 2025 PE valuation of 20x (at the 50th percentile historically), and referencing the average PE of comparable securities firms at 23x, we are optimistic about its growth potential and profitability.
Cathay Pacific maintains its "Buy" rating on Futu Holdings (FUTU.O) with a target price of US$214.39.
Q3 2025 results exceeded expectations, with revenue and net profit increasing by 79.17% and 122.55% year-on-year, respectively, and ROE rising to 24.66%. Client assets reached HK$1.24 trillion, driving strong growth in brokerage and interest income. EPS forecast has been revised upward to HK$77.74 (2025), benefiting from continued growth in net deposits and increased assets per client, with a positive outlook for long-term growth.
Huatai Securities We maintain our Buy rating on Futu Holdings (FUTU.O) with a target price of $245.56.
The company achieved strong growth in the first three quarters of 2025, with revenue and net profit increasing by 79.18% and 122.52% year-on-year, respectively, benefiting from accelerated overseas expansion, increased average assets per user, and the implementation of AI tools. The number of customers reached 3.131 million in Q3, with transaction volume increasing by 105.3% year-on-year, driven by rapid growth in the crypto business and wealth management. We have raised our net profit forecasts for 2025-2027 and assigned a 2026E PE of 22x, corresponding to a target price of $245.56.
Huatong Securities Maintain Google-A (GOOGL.O) Buy rating:
Q3 2025 revenue reached $102.346 billion (YoY +15.95%), with a stable advertising business, deepening AI integration driving growth, and cloud business becoming a key engine. EPS is projected at $9.35 for 2025, with a reasonable PE valuation. High capital expenditures, antitrust concerns, AI competition, and macroeconomic advertising risks remain, but core competitiveness and strategic layout support long-term value.
Shenwan Hongyuan Maintain JD.com (JD.O) Buy rating:
JD.com's Q3 2025 revenue and profit exceeded expectations, with enhanced profitability in its core retail business and a record high operating profit margin. High-growth categories such as daily necessities and advertising performed exceptionally well, while the food delivery business boosted user activity, demonstrating synergistic effects. Although new businesses faced short-term pressure, the trend of improving user experience (UE) was clear. The company's supply chain advantages are solid, and its long-term ecosystem value is promising.
CITIC Securities maintains full capacity (YMM.N) Buy rating:
Q3 2025 revenue and profit growth both exceeded expectations, with fulfilled orders increasing by 22.3% year-on-year to 63.4 million. The adjustment in freight brokerage has limited short-term impact, and the core ecosystem remains stable. The company continues to optimize its products and services, and the proportion of direct customers and platform fulfillment rates are expected to increase. With its strong barriers to entry in digital freight, the company has promising long-term growth potential.
China Merchants Securities maintains its "Strong Buy" rating on Pinduoduo (PDD.O), with a target price of $139-$174.
Q3 revenue and profit exceeded expectations, with non-GAAP net profit reaching RMB 31.4 billion, a year-on-year increase of 14.3%. Although advertising revenue was slightly lower than expected, commission revenue rebounded, and the gradual recovery of overseas business drove growth. The company is increasing its investment in supporting merchants, which may lead to short-term profit fluctuations, but will benefit the company's ecosystem health and globalization in the long term. Based on a PE ratio of 12-15 times for 2025, we give a target price of US$139-174.
Huatai Securities maintains its "Hold" rating on Pinduoduo (PDD.O):
3Q25 revenue and profit met expectations, with non-GAAP net margin exceeding expectations at 29.0%. Domestic e-commerce take rates may gradually stabilize, but rising compliance costs for merchants are putting short-term pressure on the market. Overseas, Temu faces challenges, focusing on compliance and efficiency under stricter regulations. We have raised our 2025-27 net profit forecasts, with a target price of $122.9, primarily due to valuation shifts and business restructuring.
SPDB International maintains its "Hold" rating on Pinduoduo (PDD.O) with a target price of $123.
3Q25 profit exceeded expectations, with adjusted net profit reaching RMB 31.4 billion, a year-on-year increase of 14%, mainly due to record-high transaction service revenue. Advertising revenue growth slowed, putting pressure on gross margin due to support measures, while cost control was effective. Short-term revenue lacks catalysts, and industry competition and macroeconomic uncertainties persist. We maintain a "Hold" rating. Our target price is based on a 12x FY25E PE ratio.
CICC maintains its "Buy" rating on Luckin Coffee (LKNCY.F):
Store expansion and customer growth drove revenue growth of 50.2% year-on-year, with monthly active customers exceeding 100 million for the first time, and same-store sales growth of 14.4%. Although rising delivery costs led to a slight decrease in net profit, significant optimization was achieved in raw material and rent costs. The reduction in delivery subsidies will put short-term pressure on the business, but the self-pickup model and high-density stores will support long-term competitiveness. The strategy focuses on lower-tier markets and product innovation.
Guojin Securities Maintain Buy rating on Luckin Coffee (LKNCY.F):
Q3 revenue reached RMB 15.287 billion, a year-on-year increase of 50.2%, with SSSG growth of 14.4%. 3,008 new stores were added, and market share continued to rise. Monthly active users reached 112 million, a year-on-year increase of 40.6%. Non-GAAP net profit was RMB 1.421 billion, a year-on-year increase of 0.6%. Gross margin was 63.8%, demonstrating excellent cost control and operational efficiency. Although food delivery subsidies increased fulfillment costs, putting short-term pressure on profits, the long-term growth logic remains unchanged, with strong momentum in store expansion and user growth.
Huatong Securities maintains Tesla's (TSLA.O) Hold rating:
Record revenue and cash flow were achieved in Q3 2025, with deliveries reaching a new high of 497,000 vehicles, and energy storage... Revenue increased by 44% year-on-year, and gross profit margin rebounded to 17.28% quarter-on-quarter. However, net profit attributable to the parent company declined by 36.64% year-on-year, indicating significant pressure on profitability, and operating profit is expected to remain under pressure. Uncertainty exists regarding the progress of FSD promotion and market acceptance, limiting earnings elasticity, and valuation remains high.
Huatai Securities maintains its Weibo account (WB.O) Buy rating:
3Q results met expectations. AI-enabled ad delivery efficiency improved, the Lingchuang platform expanded its penetration into the video sector, and optimized recommendation algorithms drove improved user engagement. Although advertising revenue is under short-term pressure due to the high base effect of the Olympics and the phasing out of subsidies, the event's catalyst and AI-driven cost reduction and efficiency improvement support long-term value. Target price is $14.13, corresponding to a 2026 PE ratio of 7.5x, taking into account liquidity discounts and slower growth.
(Article source: CLS)
