<h3>Wedbush: Lowers Tesla's target price from $350 to $315</h3>
<h3>JPMorgan Chase: Lowers Tesla's target price from $135 to $130</h3>
<h3>Lyon: Maintains &#34;Buy&#34; rating for Tencent, lowers target price to HKD 440</h3>
<p>The bank expects the total revenue growth in the fourth quarter of last year to slow down to 8% YoY, mainly due to weak overseas gaming business. However, benefiting from the improvement in gross margin, the adjusted EBIT is expected to grow by 28% YoY. The bank estimates that the gross margin will continue to expand and monetization will improve. However, considering the macro environment, the target price is lowered to HKD 440.</p>
<p>The report states that the company's 2024 WeChat Open Class focuses on cultivating the video account e-commerce and mini-game ecosystem, both of which provide profitable revenue models. Video account streaming will drive the growth of advertising, payment platforms, and enterprise services, while mini-games have the potential for high gross margins and confirmed net income. Tencent's WeChat Open Class is a platform for ecosystem developers, service providers, and customers to communicate together.</p>
<h3>Lyon: Raises PDD's target price to $180, maintains &#34;Buy&#34; rating</h3>
<p>The bank expects PDD's performance in the fourth quarter of last year to continue to show strong growth, with total revenue increasing by 93% YoY to CNY 77 billion, and adjusted net profit increasing by 18% YoY to CNY 14.3 billion, driven by rapid growth in mainland China and overseas GMV. The bank believes that the group is prepared to deal with consumption downgrading and expects its domestic GMV to grow by over 20% YoY, with the average order value (AOV) expected to increase with the increase in brand and large-scale product sales.</p>
<p>The bank also expects Temu's GMV to grow by 50% QoQ to $800 million. In addition, due to the group's restraint on advertising spending in China to promote overseas expansion, its domestic profit margin is expected to remain above 30%. The bank believes that PDD's strong momentum will continue this year, with revenue and profit expected to grow by 35% and 20% YoY, respectively, and has raised its adjusted net profit forecast for 2023 and 2024 by 4% and 20%.</p>
<h3>Bank of America: Raises Netflix's target price from $585 to $650, reiterates &#34;Buy&#34; rating</h3>
<p>Netflix's performance in the fourth quarter of last year was strong, with a net increase of 13.1 million users, the highest ever for the same period, significantly exceeding market expectations. It is predicted that due to the weakening of the US dollar exchange rate and positive operational impact in the fourth quarter, the operating profit margin for the first quarter of this year will increase to 26.2%. The number of new users is expected to decline QoQ, but YoY growth is expected.</p>
<p>Netflix announced a ten-year broadcasting rights agreement with World Wrestling Entertainment (WWE), authorizing the broadcast of WWE's flagship program Raw in the United States and multiple overseas markets, with a value of $5 billion. Bank of America expressed optimism about Netflix's strategic expansion into the sports-related field.</p>
<h3>Goldman Sachs: Lowers Apple's target price from $227 to $223, includes it in the Conviction Buy List, maintains &#34;Buy&#34; rating</h3>
<p>The bank expects Apple's performance in the first quarter of the fiscal year 2024 to meet expectations, with earnings per share of $2.1 and revenue of approximately $117.4 billion. The bank estimates that Apple's service revenue in the first fiscal quarter will grow by 11% YoY to $23.1 billion and accelerate in the second fiscal quarter, mainly driven by the momentum of App Store spending and price increases for specific services at the end of last year (such as Apple One, TV+,
Citigroup: Raises Microsoft's target price from $432 to $470, rating it as &#34;Buy&#34;</p>
<p>The bank expects most of Microsoft's KPIs to show a significant upward trend in the second quarter, with Azure business expected to grow by 26% to 27% YoY, leading by 1 to 2 percentage points. This growth is driven by the expansion of artificial intelligence contributions and ongoing optimization measures.</p>
<p>Citigroup has raised its target price from $432 to $470 and maintains a &#34;Buy&#34; rating. It remains the bank's top pick, with cloud-related revenue expected to maintain double-digit growth and expand operating profit margins. In terms of Azure business, the rise of GenAI will accelerate growth and usher in the next era, promoting customer adoption and accelerating consumption.</p>
<p>JPMorgan Chase: Reaffirms &#34;Neutral&#34; rating for JD.com, lowers H-share target price from HKD 120 to HKD 99</p>
<p>JD.com's stock price has underperformed the market since the beginning of last year. The bank believes that due to the macro environment and continued market share loss, there is downside risk to revenue and profit growth compared to market expectations. The bank reiterates that given the dim growth prospects of the group, it is difficult for the forecasted P/E ratio to return to over 10 times, and the short-term stock price is expected to fluctuate within a range.</p>
<p>DBS: Maintains &#34;Buy&#34; rating for XPeng, lowers target price from HKD 86 to HKD 66</p>
<p>The bank expects the automotive profit margin to improve from -6.1% in the third quarter of last year to 9% in the 2024 fiscal year, as the group's sales volume is expected to expand. Despite macro challenges, the company's navigation guidance technology has rapidly expanded its coverage from over 50 cities last year to over 200 cities in mainland China this year. After strategic cooperation with Volkswagen, it is expected to enhance its future growth direction.</p>
<p>The bank stated that since the completion of XPeng's business transformation in the fourth quarter of last year, its shipment volume has shown significant improvement YoY and QoQ. With the support of multiple new models, including the latest XPeng X9 MPV, the bank expects the company's automotive shipment volume in the 2024 fiscal year to increase significantly by 75% YoY to approximately 247,800 units.</p>
<p>The bank also mentioned that the group will launch a new brand this year, targeting the mid-range market with an average selling price of approximately RMB 150,000 per vehicle. Coupled with Volkswagen's strategic investment last year, XPeng's prospects are promising.</p>
<p>UBS: Raises AMD's target price from $135 to $220</p>
<p>Analysts stated that recent surveys of channels and customers have confirmed their view that AMD has solid demand for over 400,000 units of the MI300A/X chip in 2024. This number is consistent with the demand analysts have seen since last summer, but they remain cautious about repeat orders and supply uncertainties.</p>

<p>Tech stock bull Wade Bush has lowered Tesla's target price from $350 to $315. Meanwhile, Lyon has raised PDD's target price to $180 but lowered Tencent's target price to HKD 440. Wall Street is also lowering target prices for JD, XPENG-W, and Apple!</p>

LB Select

Tesla

TENCENT

Netflix

Apple

Microsoft

JD.com

JD-SW

XPeng

XPENG-W

Rating Quick Look | PDD, Netflix, Microsoft, AMD Target Prices Raised! Tesla, Tencent Face "Price Cuts"