<h3>Melius Research: Upgrades AMD to &#34;Buy&#34; with a target price raised from $192 to $265</h3>
<p>The firm views AMD as NVIDIA's main competitor on Wall Street, and now sees AMD as a &#34;mini version of NVIDIA,&#34; with its AI theme rapidly gaining momentum.</p>
<p>It is pointed out that the phenomenon of last year's surge in orders for NVIDIA is expected to be repeated for AMD; with AMD's AI chip revenue for 2024 revised up to $5.2 billion, and the AI revenue for 2025 and 2026 significantly raised to $9.5 billion and $14 billion respectively.</p>
<h3>Goldman Sachs: Upgrades Coinbase from &#34;Sell&#34; to &#34;Neutral&#34; with a target price raised from $170 to $282</h3>
<p>&#34;While we still see limited use cases for cryptocurrencies at present, the 'beta' of price movements far exceeds the 'alpha' brought by the accelerating retail application over time.&#34;</p>
<p>Goldman Sachs attributes Coinbase's 48% rise this year to the significant increase in cryptocurrency prices and the company's commitment to achieving more stable profitability over time.</p>
<p>The firm adds that Coinbase has benefited from &#34;price increases on the trading platform, maintaining market share, recommitting to stronger cost controls and profitability in all market environments, and the tailwind from higher interest rates.&#34;</p>
<h3>Morgan Stanley: Downgrades Hong Kong Exchanges and Clearing to &#34;Underweight,&#34; with the target price lowered from HK$225 to HK$221</h3>
<p>Following the earnings release, the firm updated its forecasts for the Hong Kong Exchanges and Clearing, maintaining the unchanged forecasts for the daily average turnover in 2024 and 2025 at HK$115 billion and HK$127 billion respectively, and adding a forecast of HK$143 billion for the daily average turnover in 2026, with a 13% annual increase. The net investment income forecasts for 2024 and 2025 were lowered by 1% and 6% respectively to account for factors such as declining interest rates.</p>
<p>The report states that after the increase in the cost-income ratio for the fourth quarter of 2023, the firm raised the total expenditure forecast for 2024 by 2.6% and for 2025 by 1.1%, due to salary adjustments, talent recruitment, and increased marketing expenses.</p>
<p>Currently, Morgan Stanley expects the profit margin before interest, taxes, depreciation, and amortization for the Hong Kong Exchanges and Clearing to be 71.5% in 2024 and 71.6% in 2025, compared to 72.3% in 2023. Therefore, the earnings per share forecast for 2024 was lowered by 2% to HK$9.22, the earnings per share forecast for 2025 was lowered by 4.6% to HK$9.66, and the earnings per share forecast for 2026 is HK$10.33.</p>
<h3>J.P. Morgan: Upgrades Bilibili to &#34;Neutral&#34; with a target price raised to HK$85</h3>
<p>Analysts believe that the risk-return profile of Bilibili is more balanced, and investors hold a positive view on its short-term stock price. The company's double-digit revenue growth target is in line with market expectations, but strong performance is needed in new games and live streaming businesses.
Morgan Stanley predicts that Bilibili will enter a new game release cycle, driving business growth, with limited downside risk to the stock price in the next three to six months.</p>

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<p>Melius Research stated that Wall Street has always viewed AMD as a major competitor to NVIDIA. Currently, they are even more optimistic about AMD becoming a "mini version of NVIDIA", with the phenomenon of NVIDIA's surge in orders last year likely to be repeated with AMD!</p>

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Rating Quick Look: AMD, Bilibili, Coinbase Target Prices Significantly Raised! Hong Kong Exchanges Faces Price Cuts.