《大行報告》大摩下調聯想集團(00992.HK)目標價至10.3元 評級「增持」
摩根士丹利發表研究報告指,聯想集團(00992.HK)認為,6月是庫存消化的最後一個季度,需求應會在下半年恢復按年增長,並在明年加速,與該行觀點一致。該行表示,集團的伺服器和儲存業務前景似乎比預期理想,風險回報非常具吸引力。該行維持集團「增持」評級,目標價由10.4元下調至10.3元。
該行表示,聯想的私人電腦渠道庫存現在約為8星期,目標是到季度末恢復接近6周水平,又指激活率繼續呈高於出貨量的趨勢,這促使其認為一旦庫存消化結束,出貨量就會回升。該行預計集團於第三季不會出現按年增長,並料第四季才會錄得按年增長。
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