<h3>Bank of America: Raises Apple's target price from $225 to $230, reiterates &#34;Buy&#34; rating</h3>
<p>The report points out that the argument for upgrading Apple to &#34;Buy&#34; earlier this year is coming to fruition, with specific highlights including the upcoming strong iPhone upgrade cycle driven by Generative Artificial Intelligence (GenAI); service growth accelerating from 11% in December last year to 14% in March this year; emphasis on Apple chips in iPhone, Mac, and servers; strong capital returns; margin expansion potential; and institutional clients increasing holdings in anticipation of AI features.</p>
<p>The bank believes that Apple's iPhone sales growth in mainland China, positive valuation revisions, and the introduction of GenAI features will drive a strong upgrade cycle, anticipating more positive catalysts for the company.</p>
<h3>Citigroup: Raises Qualcomm's target price from $160 to $170, maintains &#34;Neutral&#34; rating</h3>
<p>The report states that Qualcomm reported strong performance and guidance, mainly driven by replenishment of smartphone market inventory, but believes that the AI-driven smartphone upgrade cycle will not occur this year. Qualcomm's second-quarter revenue was $9.39 billion, down 5% sequentially, higher than market and the bank's expectations, with a gross margin of 56.6%, down 32 basis points sequentially, in line with market expectations.</p>
<p>The bank raised its revenue forecast for the fiscal year from $37.7 billion to $38 billion, and EPS forecast from $7.84 to $8.04, while maintaining forecasts for 2025 and 2026.</p>
<h3>Macquarie: Lowers Netease Hong Kong's target price from HK$249 to HK$215, rates &#34;Outperform&#34;</h3>
<p>The report notes that Netease has fallen 10% from its high this year, while the MSCI China Index has risen 9% year-to-date, leading to a significant valuation gap between Netease and other gaming industry peers, likely due to lower-than-expected new game releases and weak performance of old games. However, the report believes this is already reflected in the stock price, and expects moderate profit growth for Netease in the first half of this year.</p>
<p>The report indicates that Netease continues to demonstrate strong game development capabilities; a stable product line in the second half of the year is expected to accelerate growth momentum.</p>
<h3>CMB International: Maintains &#34;Buy&#34; rating for Li Auto, target price of HK$191</h3>
<p>The report mentions that Li Auto's L6 model achieved over 41,000 cumulative orders during the 18-day initial sales period from April 18 to May 5, surpassing Aito's new M7 which had 30,000 orders in the first 19 days of its launch.</p>
<p>In addition, Li Auto delivered 26,000 new cars in April, a 0.4% year-on-year increase. Cumulative deliveries for the first four months of this year reached 106,000 units, up 35.7% year-on-year.</p>
<p>The bank noted that Li Auto comprehensively reduced product prices last month, and the pricing of the new L6 model meets market demand, resulting in a surge in orders. After two months of adjustments, the company's development strategy has shifted from aggressively pursuing growth limits to being more practical and steady. The initial effects of the adjustments are already visible, and the bank expects continuous sales improvement in the future</p>

AAPL

QCOM

09999

NTES

02015

<p>Bank of America pointed out that the argument for upgrading Apple's rating to "Buy" earlier this year is coming true, specifically manifested in the upcoming strong cycle of iPhone upgrades driven by generative artificial intelligence; service growth is accelerating again, increasing from 11% in December last year to 14% in March this year; emphasizing the use of Apple chips in iPhone, Mac, and servers; strong capital returns; gross margin has room to rise; institutional clients are increasing their holdings in anticipation of the launch of artificial intelligence features</p>

LB Select

Apple

Qualcomm

NTES-S

NetEase

Li Auto

LI AUTO-W

Rating Quick Look | Apple, Qualcomm's target prices raised! Netease suffers from "price cuts"