2025-06-11-花旗集团-全球观点_14页_507kb

Key Rating and Target Price Changes for The Global Point (June 11, 2025)

Asia

• China Internet Sector: Positive sentiment due to reasonable valuations, but food delivery competition and merchant support initiatives may drag on profit growth. Top picks include Tencent, Alibaba, Yum China, NetEase, and Century Huatong.
• Companies:
  • Envicool Technology (002837.SZ): Initiate Buy rating with target price Rmb39.
  • Ibiden (4062.T): Continue Buy rating, raise target to ¥7,200.
  • Aditya Birla Sun Life AMC (ADIE.BO): Set to Sell rating, target ¥750.
  • Other notable changes for AMC and others, driven by AI growth and competitive pressures.

CEEMEA

• Grupa Pracuj (GPPP.WA): Downgrade to Sell from Neutral, target price lower to Zl 58.60 due to softer revenue forecasts.
• Joint Stock Company Kaspi.kz (KSPI.O): Assign Buy rating, target price raised.

North America

• Microsoft (MSFT.O): Maintain Buy rating, target price raised to $605; analysts note potential upside in Azure growth and AI demand.

Western Europe

• Elekta (EKTAb.ST): Assign Sell rating; concerns include potential share loss to competitors and margin pressures.
• Intertek (ITRK.L): Maintain Buy rating with valuation support, highlight buyback dynamics and growth prospects.
• ALLFunds: CEO change; positive outlook with external CEO appointment, maintain Buy rating.