The following are the latest ratings and target prices for US stocks from various brokerage firms:
China Merchants Securities Maintain BOSS Zhipin (BZ.O) Strong Buy rating:
The company's revenue in Q3 2025 was RMB 2.16 billion, up 13.2% year-on-year, and adjusted net profit attributable to the parent company was RMB 1.02 billion, up 37.6% year-on-year, slightly exceeding expectations. This was mainly driven by cost optimization and user growth. MAU reached 63.8 million, up 10.0% year-on-year, and paying enterprise customers reached 6.8 million, up 13.3% year-on-year. The recovery in recruitment demand, coupled with cost reduction and efficiency improvement, has led to continued improvement in profitability. We are optimistic about the future performance.
Haitong International maintains its Buy rating on elf Beauty Inc (ELF.N):
The company's Q2 revenue increased by 14% to $344 million, with significant contributions from the consolidation of Rhode. The core brand elf continued to gain market share, and international expansion and SAP system upgrades solidified its long-term competitiveness. Although gross margins were pressured in the short term by tariffs, price increases and portfolio optimization mitigated the impact. Full-year FY26 net sales guidance is $1.55-1.57 billion, with adjusted EPS expected at $2.80-2.85. Profitability is expected to improve in the second half of the year.
China Merchants Securities (Hong Kong) maintains its view on Futu Holdings. (FUTU.O) Buy rating, target price $228:
The company's Q3 non-GAAP net profit surged 137% year-on-year to HK$3.3 billion, far exceeding expectations, benefiting from growth across multiple businesses including brokerage commissions, interest income, and fund distribution. Client assets reached HK$1.24 trillion, with new deposits increasing by 65% year-on-year, and the proportion of overseas accounts rising to 54%. Crypto trading and Airstar Bank... The strategic layout has been deepened, coupled with a share repurchase program, driving the release of long-term value.
CITIC Securities Maintain Buy rating on The Trade Desk Inc-A (TTD.O):
Q3 2025 revenue increased by 18% year-on-year, and adjusted EBITDA increased by 24% year-on-year, mainly due to the optimization of the AI advertising tool Kokai and the expansion of CTV and retail media businesses. The company's organizational efficiency has improved, its industry chain layout has deepened, and it will benefit from the growth of programmatic advertising and the trend of data-driven marketing in the medium to long term, giving it a significant competitive advantage.
Huatai Securities Maintain iQiyi (IQ.O) Buy rating, target price $2.92:
3Q25 revenue and profit both exceeded expectations, with membership business rebounding and overseas revenue increasing by over 40% year-on-year. AI applications reduced costs and increased efficiency, while IP derivatives and overseas expansion broadened growth potential. Although short-term revenue pressure led to profit pressure, the new audiovisual regulations are beneficial to leading companies, and we are optimistic about their long-term recovery potential.
BOCOM International maintains high level (GOTU.N) Buy rating, target price $5.2:
We lowered our 2025 earnings forecast due to slower offline enrollment, but the long-term trend in K-12 education and training remains unchanged. We project revenue growth of 35%/20% in 2025/2026, with operating profit turning positive in 2026. Based on our online advantages and cost optimization, losses continue to narrow. We assign a PE ratio of 15x to our 2026 earnings forecast, maintaining our target price of $5.2.
Shenwan Hongyuan Maintain Huazhu (HTHT.O) Buy rating:
The company's revenue in Q3 2025 reached 7 billion yuan, a year-on-year increase of 8.1%, exceeding guidance. Driven by its asset-light model, managed franchise revenue increased by 27.2% year-on-year. Profitability improved, with an operating profit margin of 29.4%, a year-on-year increase of 2.7 percentage points. The decline in RevPAR in China narrowed, while overseas performance continued to improve. The new brand "All Seasons Grand View" was launched, deepening the company's mid-to-high-end product strategy. Net profit attributable to shareholders is projected to be 4.74 billion/5.742 billion/6.259 billion yuan in 2025-2027, with increased profit potential. We maintain our "Buy" rating.
China International Capital Corporation Maintaining a joyful gathering (JOYY.O) Outperform rating, target price $79:
3Q25 revenue met expectations, while non-GAAP net profit exceeded expectations, primarily due to better-than-expected cost control. The live streaming business rebounded sequentially, and advertising growth accelerated, with Bigo Ads revenue increasing by 33% year-over-year. The company's profitability steadily improved, with net cash reserves reaching $3.3 billion and a shareholder return of 7.7%. We are optimistic about the stabilization of live streaming and the potential for a second growth curve in advertising, and have raised our target price to $79.
CICC maintains its position on Kingsoft Cloud (KC.O) Outperform rating, target price $16.3:
Q3 2025 revenue reached RMB 2.48 billion, a year-on-year increase of 31.4%, with adjusted EBITDA reaching RMB 827 million, exceeding expectations, mainly due to strong AI demand and bad debt write-offs. AI revenue increased by nearly 120% year-on-year, accounting for 32% of total revenue. Earnings forecasts have been revised upwards, benefiting from the increased proportion of high-margin AI business and the release of operating leverage, resulting in a significant improvement in EBITDA margin.
CITIC Securities maintains its position on Pinduoduo (PDD.O) Buy rating:
Q3 2025 revenue increased by 9.0% year-on-year, with advertising revenue under pressure due to a decline in monetization rate, but GMV growth remained robust; Non-GAAP operating profit increased by 1.2% year-on-year, returning to positive growth. Optimized marketing expenses drove profit release, and the recovery of the cross-border fully managed model boosted commission growth. The company focuses on long-term value, and its globalization and valuation recovery potential are promising.
Guohai Securities Maintain Buy rating on Pinduoduo (PDD.O) with a target price of $148 per ADS.
The company's Q3 2025 revenue and non-GAAP net profit both exceeded expectations, with cost control and investment income contributing to the profit improvement. Domestic e-commerce benefited from the subsidy flexibility brought about by the reduction of national subsidies, and Temu rebounded with the implementation of tariff policies, with GMV turning positive sequentially. We are optimistic about its long-term investment in its merchant ecosystem and its global expansion potential. The SOTP valuation corresponds to a target market capitalization of RMB 1.49 trillion in 2026, with a target price of US$148.
Guoxin Securities Maintain an "Outperform" rating on Pinduoduo (PDD.O):
Q3 revenue reached RMB 108.3 billion, a year-on-year increase of 9%; non-GAAP net profit was RMB 31.6 billion, a year-on-year increase of 15%, with net profit margin improving to 29%. Interest income boosted profits, and cost control was effective. Earnings forecasts for 2025-2027 have been adjusted to account for overseas uncertainties and domestic ecosystem investments, but cash reserves support profit resilience, and long-term growth potential remains promising.
CITIC Securities We maintain our Buy rating on Pinduoduo (PDD.O) with a target price of $171.95 per ADS.
Q3 2025 revenue and profit both exceeded expectations, with adjusted net profit increasing by 14.29% year-on-year, mainly due to a decrease in the sales expense ratio and reduced losses at Temu. Advertising revenue growth was under pressure, but commission growth was strong, indicating an earlier-than-expected margin inflection point. The company's fundamentals bottomed out earlier than its peers, and profit forecasts are expected to be revised upwards. We are optimistic about the new growth curve brought about by the next round of investment in its retail ecosystem; with a 2025 PE ratio of only 15, the valuation is attractive.
Southwest Securities Maintain Buy rating on Pinduoduo (PDD.O):
Q3 2025 revenue reached RMB 108.3 billion (YoY +9.0%), and non-GAAP net profit was RMB 31.4 billion (YoY +14.3%), exceeding expectations. Cash reserves reached RMB 423.8 billion, demonstrating financial resilience. Although short-term profit sacrifices are being made to invest in ecosystem development, this is expected to strengthen competitive advantages in the long term. The non-GAAP net profit CAGR is projected to be 10.8% from 2025 to 2027, corresponding to a PE ratio significantly lower than the industry average, making it a worthwhile investment.
China Merchants Securities maintains its "Buy" rating on Luckin Coffee (LK.O):
Q3 revenue reached RMB 15.23 billion, a 50.2% increase year-on-year, driven by both store expansion and same-store sales growth. Monthly active users increased by 40.6% year-on-year to 112.3 million. Gross margin remained stable at 63.8%, benefiting from product structure optimization and lower milk costs. Although rising delivery costs suppressed profits, adjusted net profit reached RMB 1.42 billion, a 1.4% increase year-on-year, demonstrating resilience.
SPDB International maintains its "Buy" rating on Luckin Coffee (LKNCY.F):
Benefiting from the fierce competition among food delivery platforms, Luckin Coffee's same-store sales growth and gross margin exceeded expectations in Q3 2025, with revenue increasing by 50.2% year-on-year to RMB 15.3 billion. Although the surge in delivery expenses put pressure on operating profit margins and slowed short-term profit growth, the company is accelerating store expansion to consolidate its leading position in the industry. In the long term, it will benefit from the increasing penetration rate of freshly drunk coffee and the improvement in market concentration, and is expected to continue to lead industry consolidation.
CICC maintains its position on GDS Holdings. (GDS.O) Outperform rating, target price $50:
3Q25 results met expectations, with domestic revenue up 10.2% year-on-year and overseas DayOne revenue up 177% year-on-year. Order demand is strong, with AI driving growth, and full-year contract signings are expected to reach 300MW. The C-REIT off-balance-sheet financing brought in RMB 2.25 billion, improving capital circulation. Based on SOTP valuation, the target price represents significant upside potential.
Everbright Securities Maintain XPeng Motors (XPEV.N) Buy rating:
3Q25 revenue and narrowing non-GAAP losses met expectations, while gross margin improvement exceeded expectations. Although the automotive business's gross margin declined sequentially, R&D and SG&A expense ratios decreased, and cash reserves remained ample. The company anticipates increased production of "dual-function" new models, Robotaxi, and humanoid robots in 2026E. With implementation expected, the collaboration with Volkswagen enhances long-term growth potential, and a performance inflection point is approaching.
Huaxing Securities We maintain our Buy rating on XPeng Motors (XPEV.N) with a target price of $27.70.
The company's Q3 revenue and gross margin improved both year-on-year and quarter-on-quarter, and losses narrowed significantly. Non-GAAP net loss narrowed by 60.6% quarter-on-quarter, and profitability is expected in Q4. Seven new vehicles will be launched in 2026, with Robotaxi and Iron humanoid robots leading in technology and mass production imminent. Based on a 2026 P/S ratio of 1.6, the target price is $27.70.
Haitong International maintains its position on SoYoung. (SY.O) Outperform rating, target price US$10.0:
The company has a clear medical aesthetics chain strategy, and its 50 mature stores correspond to a significantly undervalued PE ratio of 12. Individual store profitability is strong, with 20 stores already profitable monthly, and 35 more stores planned for fiscal year 2026. The target price is $10 based on the SoTP valuation method, encompassing the potential of its POP, retail, and chain businesses. Net cash and group discounts provide a safety margin, and its long-term leading position is promising.
Guohai Securities maintains its "Buy" rating on SoYoung (SY.O):
In Q3 2025, revenue from beauty treatment services reached RMB 184 million, a year-on-year increase of 304.6%, exceeding expectations and benefiting from store expansion and the implementation of a major product strategy. The number of redeemed services, service points, and members saw significant growth in Q3, with the user base continuing to expand. Although short-term losses were incurred due to the increased proportion of low-margin businesses and expense provisions, the company is optimistic about improved gross margins in Q4 and a return to profitability in 2026.
CICC maintains Nvidia's (NVDA.O) Outperform rating, target price $228.00:
3QFY26 results exceeded expectations, with strong revenue growth in Blackwell cabinets and networking, and a stabilizing supply chain. Order backlog exceeds $500 billion, AI applications are gaining deeper penetration, and the ecosystem's barriers to entry are solid. We have raised our FY27 earnings forecast, with a target price corresponding to 29.2x FY27E P/E, representing a 22% upside from the current price.
CITIC Securities maintains its buy rating on Nvidia (NVDA.O) with a target price of $242.
Benefiting from the booming AI market, the GPU and networking businesses exceeded expectations. GB300 revenue accounted for two-thirds of Blackwell's product revenue, and increased Rack sales drove networking revenue to $8.2 billion. Computing power demand is shifting towards inference, highlighting the significant advantages of commercial GPUs. The company's global AI leadership position is solid, and its growth prospects are highly certain.
China Merchants Securities maintains its "Buy" rating on Nvidia (NVDA.O):
FY26Q3 revenue was $57 billion, up 62% year-over-year, data center Revenue reached $51.215 billion, a year-over-year increase of 66.4%, driven by mass production of the Blackwell platform, with GB300 accounting for approximately two-thirds of revenue. Gross margin reached the upper limit of guidance at 73.6%, with the midpoint of Q4 guidance at $65 billion, a year-over-year increase of 65.3%. AI demand is growing exponentially, the ecosystem is expanding rapidly, the Rubin platform is progressing as planned, and long-term competitiveness remains solid.
Everbright Securities maintains its buy rating on Nvidia (NVDA.O):
FY26Q3 revenue reached $57.006 billion, a year-on-year increase of 62%, with data center revenue reaching $51.215 billion, a year-on-year increase of 66%. Strong demand for the Blackwell platform and significant contributions from GB300 contributed to the revenue growth. The company's guidance for FY26Q4 revenue, with a median of $65 billion, exceeded expectations. The Rubin platform is expected to enter mass production and ship in the second half of 2026. The AI ecosystem continues to expand, providing strong long-term growth momentum.
Global FTSE Russell maintains its Buy rating on Nvidia (NVDA.O) with a target price of $235.
3Q26 results and 4Q guidance exceeded expectations, driven by strong data center demand and GB300-based revenue growth. Gross margin improved to 73.6%, and FY26 EPS forecast was revised upward to $7.8. The target price is based on a 30x forward PE ratio, reflecting the performance of AI chips. Certainty of sustained high growth.
Wedbush Securities maintains its "Outperform" rating on Xencor Inc (XNCR.O) with a price target of $36.
Based on the progress of the company's innovative biopharmaceutical pipeline and the optimization of clinical data, despite the slight adjustment in the target price, we remain optimistic about its potential for differentiated therapies in the fields of immuno-oncology and autoimmune diseases and its long-term growth potential.
(Article source: CLS)
