大摩下调联想集团(0992.HK)目标价至6港元评级“与大市同步”
摩根士丹利发表报告指,联想集团(00992.HK)公布2020财年首季业绩後,收到投资者对集团股价於昨日(15日)出现调整的疑问。该行认为,联想股价急跌主要有数个原因,包括隔晚美股下挫;买方投资者因集团个人电脑业务表现优於预期而提高期望;Windows 10电脑的转移周期即将完成;集团复苏故事已上轨道,其个人电脑业务的毛利上升空间有限,以及数据中心业务达收支平衡的时间能见度低。

大摩下调对联想集团股份目标价,由7港元降至6港元,评级维持“与大市同步”,2020至2022财年的盈利预测则大致保持不变。
该行表示,集团股价在过去数月由7元降至6元,但市场对其盈测大致不变,因此认为公司向下估值重评是因宏观风险而起。在宏观环境及没有改善,及集团盈利没有明显提升的背景下,预期联想股价难以有跑赢大市。
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