Goldman Sachs: Gives LENOVO GROUP (00992) a "buy" rating with a target price of 13.28 Hong Kong dollars.

Goldman Sachs has released a research report stating that it recommends a "buy" rating for LENOVO GROUP (00992) with a target price of 13.28 Hong Kong dollars. The report mentions that in the quarter ending in December of last year, LENOVO GROUP's personal computer shipments increased by 2% compared to the previous quarter, beating the bank's expectations by 2% and outperforming the global market growth. The bank also predicts that in the upcoming quarter ending in March, LENOVO GROUP's personal computer shipments will slightly outperform historical seasonal trends, primarily driven by the growth of AI personal computers, the Win11 replacement cycle, and national subsidies in the Chinese market. The bank indicates that its revenue forecasts for LENOVO GROUP in the fiscal years 2025 and 2026 are 0% and 12% higher respectively compared to market consensus, mainly due to increased revenue reflecting positive views on Lenovo's AI personal computers. This could support market share growth, product structure upgrades, better average selling prices, and gross profit margins. The bank states that AI personal computers will enhance user productivity and human-computer interaction.