Rating Quick Look | NVIDIA's target price has been significantly raised again! Tesla faces price cuts, NIO-SW receives positive outlook

Bank of America: Raises NVIDIA's target price from $840 to $970

Truist Securities: Raises NVIDIA's target price from $911 to $1177

Goldman Sachs: Lowers Tesla's target price from $220 to $190, with a "Neutral" rating

According to third-party market data estimates, it is expected that Tesla's deliveries in the first two months of this year will increase by a high single-digit percentage year-on-year in major markets. However, on a quarterly basis, a low double-digit percentage decline is expected. The first-quarter sales volume is expected to be lower than the previous estimate of 475,000 vehicles, with the current estimate adjusted to 435,000 vehicles. The full-year car delivery volume is forecasted to grow by 9.5% year-on-year to 1.98 million vehicles, compared to the previous forecast of 2.08 million vehicles.

Taking into account the latest delivery forecasts, production situation, as well as unfavorable factors such as the halt in production at the German factory due to supply chain conflicts and power issues, Goldman Sachs has lowered Tesla's target price from $220 to $190 with a "Neutral" rating.

Considering the changing market trends, the bank has also revised Tesla's delivery volume forecasts for 2025 and 2026 from 2.53 million and 3 million vehicles to 2.35 million and 2.75 million vehicles respectively. The earnings per share forecast for 2024 to 2026 has been adjusted to $2.15, $3.8, and $5, excluding the impact of stock-based compensation (SBC), the earnings per share forecast is $2.7, $4.4, and $5.6.

CICC: Maintains Nio's "Outperform" rating with a target price of HK$62

The report indicates that Nio has lowered the monthly rental price of its BaaS battery rental service, which is expected to expand its user coverage. Under the BaaS model, Nio sells vehicles (excluding batteries) to users, and the battery asset management company, Weilai Energy, purchases the batteries and provides rental services. It is believed that this price adjustment is based on a long-life battery strategy, which is expected to increase the proportion of BaaS by lowering the threshold for purchasing vehicles and drive sales momentum.

The bank points out that Nio has officially signed a contract with CATL for long-life battery business, and the company is heavily investing in the charging and swapping network, which is expected to empower overall vehicle sales. With the introduction of third-party partners, the battery swapping business model is expected to gradually be validated.

Nomura: Lowers Hong Kong Exchanges and Clearing's target price to HK$322.28

The bank expects HKEX's first-quarter earnings to be slightly lower than expected.

This forecast is based on HKEX's first-quarter revenue expected to decline by 11% year-on-year to HK$4.95 billion, although it is expected to increase by 2% quarter-on-quarter, which is in line with market expectations. Main business revenue is expected to decrease by 8% year-on-year to HK$4.6 billion, influenced by the decrease in stock market trading volume.

Nomura points out that HKEX's first-quarter net profit is expected to decrease by 18% year-on-year to HK$2.81 billion, an 8% increase quarter-on-quarter, but 1% lower than market expectations.

Additionally, HKEX's EBITDA is expected to decline by 17% year-on-year to HK$3.51 billion, an 8% increase quarter-on-quarter, which is 2% lower than market expectations. The EBITDA profit margin is expected to decrease by 4.7 percentage points year-on-year to 71%, an increase of 3.8 percentage points quarter-on-quarter, but 1.3 percentage points lower than market expectations

Nomura: Initiates "Buy" rating on Webnovel Group, raises target price from HKD 27 to HKD 31.8

The company's revenue in the second half of last year increased by 5% year-on-year to RMB 3.7 billion, mainly driven by a 25% growth in IP business revenue, offsetting the 7% decline in online business revenue. However, the decline in gross profit margin of the IP business dragged down the overall gross profit margin by 5.9 percentage points to 47.4% compared to the same period last year, but the profit performance was generally in line with expectations.

The bank pointed out that Webnovel optimized its online business channels last year, and the related impact is expected to gradually weaken. With the optimization of distribution channels and a shift in focus towards high-consumption quality user groups, it is believed that the company's revenue will achieve growth again this year