The following are the latest ratings and target prices for US stocks from various brokerage firms:
Tianfeng Securities Maintain BOSS Zhipin (BZ.O) Buy rating:
Q3 2025 revenue reached RMB 2.2 billion, a year-on-year increase of 13%, while adjusted net profit attributable to shareholders was RMB 1 billion, a year-on-year increase of 38%, demonstrating a significant improvement in profitability, primarily due to optimized cost control and the release of operating leverage. Monthly active users (MAU) reached 63.8 million, a year-on-year increase of 10%, with the growth rate of paying enterprise clients outpacing job seekers, indicating a recovery in recruitment demand. Deep integration with AI enhances product competitiveness, cash flow remains healthy, and continued share buybacks demonstrate confidence. Net profit attributable to shareholders is projected to be RMB 3.5 billion, RMB 3.9 billion, and RMB 4.5 billion for 2025-2027, corresponding to P/E ratios of 20, 18, and 15 times, respectively, showcasing outstanding growth potential.
CITIC Securities We give CoreWeave Inc-A (CRWV.O) a buy rating:
Generative AI drives computing power demand. CoreWeave, leveraging its GPU resources, full-stack platform, and agile delivery capabilities, achieved revenue of $2.19 billion in the first half of 2025, with an EBITDA margin of 62%, high order visibility, and an RPO exceeding $30 billion. Mergers and acquisitions and overseas expansion strengthen growth momentum, but attention should be paid to the financing pressure and operational risks brought about by high leverage and upfront investment.
CITIC Securities maintains its "Buy" rating on Veeva Systems Inc-A (VEEV.N) with a target price of $329.
The company's revenue and profit in FY2026Q3 exceeded expectations, leading to an upward revision of its full-year guidance. Deep integration of AI capabilities into the Vault platform and the release of the Agent roadmap will drive long-term competitiveness. Although some customers have opted for competing products during their cloud migration, the company's strong product capabilities, high user stickiness, and AI-driven growth potential still provide sustained growth potential.
China International Capital Corporation Maintain sprint (ONON.N) Outperform rating, target price $65:
The company's international expansion is proceeding smoothly, with new stores opened in several countries in November. Revenue growth in emerging markets such as the Asia-Pacific region is high, resulting in a more balanced revenue structure and enhanced resilience. We have raised our 2025 EBITDA forecast to CHF 553 million, making the valuation attractive. Our target price corresponds to 29.9x EV/EBITDA for 2025, representing a 59.4% upside from the current price.
CITIC Securities Maintain Baidu (BIDU.O) Buy rating:
The company's AI cloud and autonomous driving fundamentals continue to improve, with intelligent cloud infrastructure revenue up 33% year-on-year, Apollo Go orders up 212% year-on-year, Wuhan operations achieving UE break-even, and RT6 costs below $30,000. Although the advertising business is under short-term pressure and core profits are declining, AI-native marketing service revenue reached 2.8 billion yuan, up 262% year-on-year, with improved long-term monetization efficiency. The current stock price implies extremely low search valuation, significant room for revaluation of the AI business, and an attractive risk-reward ratio.
CITIC Securities maintains its position on Bilibili. (BILI.O) Buy rating:
Advertising revenue grew by 20% for the 11th consecutive quarter, with performance advertising and algorithm optimization driving eCPM growth. Gross margin rose to 36.7%, and adjusted net margin reached 10.2%. (Games) Systemic improvements in business operations, with new games like "Three Kingdoms Heroes" and "Escape from Yakov" performing exceptionally well, highlighting the company's strong publishing capabilities. Net profit is expected to continue its high growth from 2025 onwards, with a medium- to long-term net profit margin guidance of 15-20%.
Shenwan Hongyuan Maintain Google-A (GOOGL.O) Buy rating, target price $386:
Benefiting from the leading technologies of Gemini 3 Pro and Nano Banana Pro, AI search, API, and Veo video are driving high growth in token consumption. TPU v7 has secured a million-card order from Anthropic, and the growth rate of cloud business has been revised upwards. Net profit forecasts for 2025-2027 have been revised upwards to US$129.1 billion, US$137 billion, and US$160.7 billion. The realization of AI progress supports a 34x PE valuation, and the target price corresponds to a 21% upside.
CITIC Securities maintains its support for Kingsoft Cloud. (KC.O) Buy rating:
Q3 2025 revenue reached RMB 2.478 billion, a year-on-year increase of 31.42%, with revenue from Xiaomi and Kingsoft ecosystems increasing by 83.8% year-on-year, accounting for 27.89% of total revenue. Adjusted EBITDA profit was RMB 827 million, a significant year-on-year increase of 345.9%, indicating a substantial improvement in operating performance. The company has deeply benefited from the development of AI, particularly in cloud computing . With deep technological expertise in the field and enhanced ecosystem synergy, long-term growth is expected.
CICC maintains its position on Lexin (LX.O) Outperform rating, target price $5.6:
3Q25 results met expectations, with net service fee rate increasing by 8.7bps sequentially to 2.00%, demonstrating profitability resilience. Although regulatory uncertainty put pressure on business, leading to a 25e/26e earnings forecast reduction of 22%/52%, shareholder returns were positive, with share buybacks and dividends already implemented. The current valuation is only 2.4x 25e P/E, and the target price of $5.6 reflects a 3.7x 25e P/E and 48.1% upside, demonstrating long-term confidence.
Huatai Securities We maintain our Buy rating on Lexin (LX.O) with a target price of $6.
3Q25 net profit attributable to shareholders was RMB 510 million, with NTR increasing to 2.0%, mainly due to a decrease in marketing expenses. Although loan volume decreased by 3.8% quarter-on-quarter and the first-day delinquency rate rose slightly, risks are manageable and provisions are sufficient. Affected by the new regulations on loan facilitation, loan volume and profitability may be under pressure in 4Q25. We have lowered our net profit forecasts for 2025-2027, and based on a 2026E PB ratio of 0.53x and a BV/ADS ratio of RMB 81.47, we have lowered our target price to US$6.
Tianfeng Securities maintains its position on Miniso. (MNSO.N) Buy rating:
Q3 2025 revenue reached RMB 5.797 billion, a year-on-year increase of 28.2%, with same-store sales growth improving quarter by quarter. Overseas expansion accelerated, reaching 8,138 stores globally. The MINISO LAND large-store model was successfully implemented, driven by both proprietary and international IPs, facilitating the upgrade to a global IP operation platform. Adjusted net profit is projected to be RMB 3 billion/3.5 billion/4.1 billion in 2025-2027, corresponding to a PE ratio of 14x/12x/10x, demonstrating significant growth potential.
First Shanghai maintains Pinduoduo (PDD.O) Buy rating, target price $148.90:
Q3 results met expectations, with revenue of RMB 108.276 billion, a year-on-year increase of 9%, and net profit of RMB 29.328 billion, a year-on-year increase of 17%. Duoduo Maicai's growth was driven by the integration of resources from Meituan Youxuan, while Temu's resumption of its fully managed business boosted overseas sales. The company continued to invest in ecosystem development, with R&D expenses increasing by 41% year-on-year, strengthening its long-term competitiveness. Based on the revised operating profit and an EV/EBITDA valuation of 11x, the target price is adjusted to US$148.90.
CITIC Securities initiates coverage of SanDisk (SNDK.O) Buy rating, target price $295:
As a leading global NAND supplier, benefiting from the AI-driven explosion in data volume, SSDs are increasingly used in data centers. Its advantages are becoming increasingly apparent in hot data processing. Cautious NAND production expansion has led to supply shortages, and the boom cycle is expected to continue until the end of 2026, supporting improved profitability and valuation.
Open Source Securities Maintain Nvidia (NVDA.O) Buy rating:
FY2026Q3 revenue reached $57.006 billion, a year-on-year increase of 62.5%, driven by strong growth in the data center and networking business, with non-GAAP gross margin rising to 73.6%. The GB300 transition proceeded smoothly, B/R series order visibility reached $500 billion, the Scaling Law continues to be validated, and A100 operating at full capacity confirms long-term demand. We have raised our FY2026-28 net profit forecasts, optimistic about the long-term growth of AI computing power.
CICC maintains its position on ZTO Express (ZTO.N) Outperform rating, target price $25.0:
3Q25 results exceeded expectations, benefiting from price increases driven by "anti-competitive" policies, leading to improved revenue and profit per order. Non-GAAP net profit was RMB 2.506 billion, a year-on-year increase of 5%. Earnings forecasts for 2025/2026 have been revised upwards to RMB 9.547 billion/10.501 billion, reflecting optimism regarding cost optimization, quality, and customer loyalty. The target price corresponds to a 2025 P/E ratio of 15x, representing a 27% upside.
(Article source: CLS)
