Citi: Raises WuXi AppTec (02359) target price to HK$240, maintains "Buy" rating

Citi issued a research report stating that it has raised WuXi AppTec's (02359) revenue forecasts for 2026 to 2028 by 2%, 8%, and 11% respectively, and its earnings per share forecasts by 10%, 5%, and 9% respectively; the target price has been raised from HK$215 to HK$240, maintaining a "Buy" rating. WuXi AppTec's management has raised its FY2026 guidance, with total revenue expected to increase from the previous RMB58.5 billion to RMB60.5 billion to RMB61 billion to RMB61.9 billion; revenue from continuing operations is expected to grow 40% to 42% year-on-year, compared with 35% to 39% previously. In addition, despite facing increased new capacity and foreign exchange headwinds, the company still maintains that its adjusted non-IFRS net profit margin will remain stable and resilient this year.