Goldman Sachs maintains a positive view on LENOVO GROUP (00992) with a target price of 13.25 Hong Kong dollars. It is expected that the increasing demand for servers will drive revenue growth.

Goldman Sachs released a research report stating that it maintains a positive view on LENOVO GROUP (00992), bullish on its leading position in the personal computer market, positive product mix upgrade to AIPC, and better supply chain management capabilities demonstrated in the face of rising memory costs in the industry. Goldman Sachs also views the development of Lenovo's server business positively, believing that the growth in generative AI demand will bring opportunities for Lenovo in the field of AI infrastructure and edge AI devices, maintaining a "buy" rating with a target price of 13.25 Hong Kong dollars. Considering the second quarter performance ending September this year, the bank has raised its revenue forecast for Lenovo for the fiscal years 2026 to 2028 by 1% to 2%, reflecting the increase in server demand. Due to the relatively low gross margin in the server business, the adjusted operating revenue forecast has been raised by up to 1%, with adjusted net profit forecasts for the fiscal years 2027 and 2028 raised by 4% respectively.