The following are the latest ratings and target prices for US stocks from various brokerage firms:
Industrial Securities Maintain Overweight rating on Rocket Lab Corp (RKLB.O):
Q3 2025 revenue reached $155 million (YoY +48%), with gross margin improving to 41.9% (Non-GAAP), reflecting the economies of scale of the Electron rocket. Launch service backlog reached $1.1 billion, with an increasing proportion of international clients strengthening bargaining power. The aerospace systems segment benefited from the acquisitions of Geost and Mynaric, expanding its end-to-end defense project capabilities. The Neutron rocket's maiden flight was delayed to Q1 2026, primarily due to rigorous ground testing to ensure reliability. While this increases short-term cash pressure, it improves the long-term success rate. Revenue is projected to be $600 million/$900 million/$1.2 billion for 2025-2027, with EPS of -$0.36/-$0.20/-$0.12.
CITIC Securities We maintain our Buy rating on Workday Inc-A (WDAY.O) with a target price of $326.
FY2026Q3 revenue reached $2.432 billion (+13% YoY), and non-GAAP net income was $622 million (+28% YoY), both exceeding expectations. AI product procurement accounted for over 75% of new transactions, demonstrating strong user stickiness. We have raised our earnings forecast, optimistic about the long-term growth potential driven by AI.
Guoyuan International Securities Maintain Alibaba (BABA.N) Buy rating:
The company's revenue for Q2 of fiscal year 2026 increased by 5% year-on-year to RMB 247.8 billion, with a growth rate of 15% excluding non-core businesses. Cloud business revenue increased by 34% year-on-year to RMB 39.82 billion, driven by AI-driven demand surge and continued improvement in profitability. Although strategic investments put pressure on profits, core e-commerce maintained steady growth, and instant retail increased by 60% year-on-year. Long-term technology investment is expected to reshape the valuation.
China International Capital Corporation Maintain iQiyi (IQ.O) Outperform rating, target price $2.50:
The company is in a bottoming-out phase, with membership business expected to resume growth in Q4 2025 and the impact of short dramas easing. Overseas business is accelerating its expansion, the IP ecosystem is gradually taking shape, and offline scenarios such as Yangzhou Amusement Park will enhance IP monetization. Profit in 2026 is projected to reach 924 million yuan. The current price corresponds to a 2026 P/E ratio of 15x, and the target price implies a valuation of 18x, with an upside potential of 16%.
CITIC Securities maintains its buy rating on Dell (DELL.O) with a target price of $160.
The company has raised its full-year earnings guidance, benefiting from strong AI server orders (FY2026 shipment guidance of $25 billion), traditional server upgrades, and the PC replacement cycle. Storage business cost recovery exceeded expectations, and non-GAAP net profit is expected to grow steadily. Based on comparable company valuations, we assign a FY2026 PE ratio of 16x, raising the target price to $160.
CITIC Securities We maintain our Buy rating on Didi (DIDIY.F) with a target price of $7.39 per ADS.
In Q3 2025, the domestic ride-hailing business saw a 10.11% year-on-year increase in GTV, with the adjusted EBITA margin (of GTV) rising to 3.5%, indicating continued profit growth. The international business experienced strong GTV growth, but increased investment in Brazilian food delivery led to a significant widening of losses. Adjusted net profit for 2026 is projected to reach RMB 9.85 billion, a 49.66% year-on-year increase. Based on a 2026 PE ratio of 25x, the target price is set at US$7.39 per ADS.
Everbright Securities Maintain Li Auto (LI.O) Overweight rating:
Q3 2025 results were under pressure, mainly due to declining sales, slower-than-expected ramp-up of pure electric vehicle production, and the impact of the Mega recall. Non-GAAP net loss for the quarter was 360 million yuan, with gross margin decreasing by 5.2 percentage points year-on-year to 16.3%. Net profit forecasts for 2025E-2027E have been lowered to 2.6/3 billion/6.5 billion yuan. We remain optimistic about its AI-driven intelligent technology and self-developed capabilities in the long term, and await the release of pure electric vehicle production capacity and the effectiveness of its management model transformation. However, in the short term, it faces increased competition and profitability pressure.
Caitong Securities Give Full Truck Alliance (YMM.N) Buy rating:
As a leading company in digital freight, it benefits from increased industry penetration and concentration, with a market size CAGR of approximately 21% projected from 2024 to 2027. Growth is driven by both increased commission coverage and commission rates, with transaction services becoming a new engine, and net profit margin expected to rise. With its strategic layout in large-volume less-than-truckload (LTL), same-city freight, and intelligent trunk lines, long-term growth is promising.
CITIC Securities maintains its position on US online deposits (NTAP.O) Buy rating, target price $128:
The company's FY2026Q2 results exceeded expectations, with all-flash array revenue increasing by 9% year-over-year to $1 billion, and the installed base continuing to grow. Cost prices are locked in until the end of FY2026, and gross margin is expected to remain stable. Growth in the high-margin public cloud business and pricing power are expected to offset storage price increases, supporting the profit outlook; therefore, we maintain our target price of $128.
Huatai Securities Maintain NIO (NIO.N) Buy rating:
The company's Q3 revenue reached 21.8 billion yuan, a year-on-year increase of 17%, with a gross profit margin for automobiles reaching 14.7%, a three-year high, and losses continuing to narrow. The increased sales volume of the Ledao L90 and the new ES8 drove October deliveries to over 40,000 units, demonstrating economies of scale. It is expected that the launch of multiple new models in 2026 will further enhance market share and profitability, while improved cost control will support profit recovery.
Everbright Securities maintains its position on Pony.ai. (PONY.O) Buy rating:
Q3 2025 total revenue increased by 72% year-over-year to US$25.44 million, with Robotaxi revenue increasing by 339% quarter-over-quarter and technology licensing revenue surging by 355% year-over-year. The seventh-generation Robotaxi has reduced costs by 70% and has already achieved profitability per vehicle in Guangzhou, accelerating its global expansion. The company possesses full operational qualifications in first-tier cities, demonstrates strong ecosystem cooperation and cost reduction capabilities, and we are optimistic about its prospects for large-scale deployment and improved profitability.
Dongwu Securities Maintain Buy rating on Pony.ai (PONY.O):
The company's Q3 revenue increased by 72.0% year-on-year, and gross margin doubled to 18.4%. Revenue from autonomous driving mobility and technology licensing saw strong growth, the Gen-7 model achieved profitability per vehicle, and BOM costs continued to decline. The company has ample cash reserves, and its asset-light model and overseas expansion strategy are driving commercialization. We are optimistic about its prospects for large-scale expansion and its leading position in the industry.
CITIC Securities maintains its position on Atour. (ATAT.O) Buy rating, target price $46/ADR:
25Q3 revenue and profit slightly exceeded expectations, with strong growth in retail and franchise businesses. RevPAR decline narrowed to -2.2%, outperforming the industry average. The company raised its 2025 revenue growth guidance to 35% (from 30%), with retail reaching 65%. Store expansion proceeded smoothly, and the "2000 Best Stores" goal is achievable. The company has committed to a 100% return of net profit through dividends and share buybacks. Brand momentum is upward, a second growth curve is emerging, and the company demonstrates strong medium- to long-term growth potential.
(Article source: CLS)
