The following are the latest ratings and target prices for US stocks from various brokerage firms:
China Merchants Securities (Hong Kong) Maintains Baozun e-commerce (BZUN.O) Buy rating, target price $3.81:
3Q25 revenue reached RMB 2.2 billion, a year-on-year increase of 5%. Non-GAAP net loss narrowed to RMB 40.2 million, mainly due to improved gross margin and cost optimization. E-commerce services (BEC) operating profit turned positive to RMB 28.1 million, while brand management (BBM) revenue increased by 20% year-on-year to RMB 396 million, and GAP same-store sales grew by 7%. We expect BEC operating efficiency to continue improving and BBM losses to narrow in 2025, and our 2026 valuation has been revised upwards to US$3.81.
Guojin Securities Maintain Buy rating on Credo Technology Group Holding Ltd (CRDO.O):
The company's revenue in FY26Q2 reached $268 million, a year-on-year increase of 272%, driven by AEC (Advanced Customer Expansion). Customer concentration decreased to 42% (previous customer), demonstrating significant diversification effectiveness. New products ZeroFlap, ALC, and Weaver expanded TAM (Total Account Amount) to over $10 billion, and new PCIe products are expected to see significant volume growth in FY27. Revenue is projected to increase by 173% and 32% year-on-year in FY26 and FY27 respectively, showcasing outstanding growth potential.
China International Capital Corporation We give Linde plc (LIN.O) an Outperform rating with a target price of $510.00.
A global gas leader with a deep moat, its long-standing "take-or-pay" contracts ensure stable cash flow and strong defensive capabilities. Benefiting from the semiconductor industry... With three growth engines – healthcare and hydrogen energy – and over $10 billion in projects on hand, growth visibility is high. Merger synergies are being realized, earnings quality is excellent, and dividends and share buybacks provide stable returns. 2026 EPS is $17.87, and the target price corresponds to a P/E ratio of 29, representing a 24% upside potential.
Haitong International maintains its position as a top-tier tea brand. (CHA.O) Outperform rating, target price $19.1:
3Q revenue was RMB 3.21 billion (YoY -9%), and adjusted net profit was RMB 500 million (YoY -22%), mainly due to pressure on domestic same-store sales and increased expenses from direct-operation and overseas expansion. Although GMV per store declined, the company added a net of 246 stores, and overseas GMV increased by 75%. We have lowered our earnings forecasts for 2025-2027, while maintaining a PE ratio of 12 for 2025, resulting in a target market capitalization of US$3.8 billion and a target price of US$19.1.
CICC maintains its "Outperform" rating on BaWangChaJi (CHA.O) with a target price of $21.0.
3Q25 results fell short of expectations, with same-store GMV down 27.8% year-on-year, mainly due to strategic adjustments and competition from food delivery services. The company focused on upgrading high-value brands, launching a 4.0 menu and new floral-scented products to enhance product offerings and customer experience. Overseas GMV increased by 75% year-on-year, demonstrating significant expansion success. Although short-term profit margins are under pressure, leading to a downward revision of earnings forecasts for 2025/2026, the company's long-term strategy remains clear, resulting in an upward revision of the valuation premium. The target price of US$21.0 corresponds to a 2025 P/E ratio of 12.9x, representing a 32% upside from the current price.
CITIC Securities Maintain "Hold" rating on BaWangChaJi (CHA.O):
Q3 2025 revenue was RMB 3.21 billion (down 9.4% YoY), and non-GAAP net profit was RMB 500 million (down 22.2% YoY), falling short of expectations. Domestic same-store sales were under pressure due to intensified competition and weak product offerings; gross margin improved, but overseas expansion pushed up expense ratios. The new business model and overseas potential remain to be seen; we recommend continued monitoring of domestic same-store sales performance and overseas progress.
CITIC Securities maintains high growth. (GOTU.N) Buy rating:
The company's revenue continued its rapid growth in Q3 2025, with K9 business growing by approximately 60% year-on-year. Operating efficiency improved significantly, and losses narrowed substantially. Going forward, the company will focus on profitability quality, driving sustainable growth through improved employee efficiency, cost control, and optimized operating leverage. The trend of improved profitability is expected to continue.
Huaxing Securities Give Li Auto (LI.O) Hold rating, target price $18.50:
Affected by the one-time costs of the Mega recall and i6 production capacity bottlenecks, the company's profit turned to a loss in Q3 2025, putting pressure on gross margin. Short-term sales lack catalysts, and intensified competition is dragging down the performance of the L series. In the long term, the company is focusing on embedded intelligence and AI, but the effects remain to be seen. We have lowered our 2025-2027 Non-GAAP net profit forecasts, adjusted our valuation to 40x 2026 P/E, and set a target price of $18.50.
First Shanghai maintains Tesla (TSLA.O) Buy rating:
Tesla's Robotaxi advances in-vehicle data sharing, paving the way for eliminating safety drivers; FSD v14.2.1 is released and achieves breakthroughs in testing in Sweden and Spain; the Optimus team brings in Apple... Scientists are driving accelerated technological iteration; the Semi factory is about to begin production, the Model 3 standard edition will be launched in the Netherlands, and the product line continues to be optimized. Significant progress has been made in the autonomous driving and AI ecosystem, strengthening long-term competitiveness.
CITIC Securities maintains Analog Devices' position. (ADI.O) Overweight rating, target price $295:
The company's FY2026Q1 earnings guidance exceeded expectations, driven by strong downstream demand in the industrial and communications markets, as well as in the aerospace, defense, and data center sectors. Strong business growth. We expect Non-GAAP net profit to steadily increase, and based on comparable companies, we assign a PE ratio of 30x for FY2026E, raising our target price to $295.
Huaxing Securities maintains its position on EHang Intelligent. (EH.O) Buy rating, target price $19.30:
3Q25 revenue declined 27.8% year-on-year due to delivery delays, but the full-year guidance of RMB 500 million remains unchanged. The VT35 has secured orders from multiple regions, overseas airworthiness cooperation is progressing steadily, and GD 4.0 is in mass production and application. We are optimistic about its first-mover advantage and commercialization progress, maintaining a 2026 P/S ratio of 14x, with a target price of US$19.30.
CICC maintains Tuya Smart (TUYA.N) Outperform rating, target price $3.2:
3Q25 revenue largely met expectations, while profit exceeded expectations, primarily due to an improved gross margin of 48.3% and effective cost control. The IoT PaaS business demonstrated strong resilience, with AI-enabled devices accounting for 94% of sales, and SaaS revenue growing by 15.4% year-over-year. Cash reserves of US$1.027 billion support long-term growth. We maintain our 2025 P/S ratio of 6x, corresponding to a target price with a 42% upside potential.
CITIC Securities maintains the vitality of all things. (RERE.N) Buy rating, target price $7.2 per share:
The company's revenue and performance this quarter exceeded expectations, with an increased 1P2C ratio and rapid growth in multiple 3P product categories. Benefiting from the increasing penetration rate of China's second-hand economy, the expansion of C-end business, and the emergence of economies of scale, the company's revenue and profit are expected to continue to grow, supporting the target valuation for 2026.
(Article source: CLS)
