Morgan Stanley: Upgraded Lao Pu Gold to "Overweight" rating, target price reduced to HK$505.

Morgan Stanley has published a research report stating that it has lowered the target price for Lao Pu Gold from HKD 590 to HKD 505, maintaining an "Overweight" rating. The adjustment is primarily based on weaker-than-expected performance forecasts for the second quarter of 2026 and a declining gold price environment, which has impacted the company's revenue and profit projections. Morgan Stanley has reduced its revenue and profit forecasts for Lao Pu Gold by 14% for 2026, and by 11-12% for 2027-28, to reflect weaker-than-expected performance in the second quarter of 2026 under a lower gold price environment.