<h3>Bank of America: Maintains &#34;Buy&#34; rating on NVIDIA with a target price of $1100</h3>
<p>NVIDIA is expected to announce its quarterly results on Wednesday (22nd), with performance expected to be strong compared to market expectations, but short-term stock prices may fluctuate. Based on the deceleration of quarterly sales before the launch of Blackwell platform products, the quarter ending in July is expected to be the first quarter with sales growth of less than 10% on a quarterly basis; delivery of H20 chips to Huawei will help maintain revenue growth before the launch of Blackwell.</p>
<p>Furthermore, the company lacks updates on the 40% estimated composite indicators, the attention on the upcoming International Computer Exhibition (Computex) in Taipei compared to the earlier Artificial Intelligence Conference (GTC) has decreased, and the gross profit margin is expected to return to normal after six consecutive quarters of continuous expansion, influenced by higher Blackwell chip costs and more aggressive pricing to end other competitive threats, which are also factors affecting stock prices.</p>
<h3>Goldman Sachs: Lowers Baidu's target price from HK$157 to HK$150, maintains &#34;Buy&#34; rating</h3>
<p>The report indicates that Baidu's first-quarter revenue met expectations, with EBIT and net profit exceeding expectations, mainly due to the contribution of generative AI under business architecture adjustments and the recovery of deferred revenue from traditional advertising business.</p>
<p>The bank believes that due to strong growth in GPU cloud demand and the strengthening of generative AI layout with smartphone OEMs, Baidu's management expects accelerated growth in cloud computing business, with stable operating profit margins.</p>
<p>The bank believes that Baidu's risk-return profile is positive at present. Although the visibility of the revival prospects of the core advertising business is lacking, on the other hand, the accelerated growth of cloud computing business and the increased contribution of AI-related revenue can lead the group towards a slow but secure path to revenue recovery.</p>
<h3>Goldman Sachs: Raises JD.com's target price from HK$145 to HK$161, maintains &#34;Buy&#34; rating</h3>
<p>The report states that JD.com's first-quarter profit exceeded expectations, with steady growth. For the second quarter outlook, Goldman Sachs predicts a 5% year-on-year growth in revenue for JD Group and JD Retail, with adjusted net profit of 8.2 billion yuan, compared to 8 billion yuan in the same period last year, with JD Retail profit margin forecast to remain at 3%.</p>
<p>Considering the better-than-expected first-quarter profit and positive comments from management on the improvement of JD Retail gross profit margin, the group's profit forecast for fiscal years 2024 to 2026 has been raised by 2 to 3%.</p>
<h3>UBS: Raises Pinduoduo's target price to $248</h3>
<p>The bank believes that the market has overlooked the growth potential of its cross-border e-commerce platform Temu. UBS believes that Pinduoduo's competitiveness in the e-commerce market and its ability to expand its user base are underestimated by the market, especially the overseas business expansion of the Temu platform, which is expected to become a new growth driver in the future.</p>
<h3>Dahua Jishi: Raises Tencent's target price to HK$454, maintains &#34;Buy&#34; rating</h3>
<p>The report points out that Tencent's first-quarter revenue grew by 6.3% year-on-year to 159.5 billion yuan, meeting market expectations; gross profit margin expanded by 7.2 percentage points year-on-year to 52.6%, exceeding market expectations; non-IFRS operating profit recovered to 58.6 billion yuan, with a non-IFRS operating profit margin of 36.8%, higher than the bank's expectations; non-IFRS profit grew by 54.5% year-on-year, exceeding market expectations by 17%, mainly benefiting from improved revenue structure</p>

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<p>UBS raises Pinduoduo's target price to $248, believing that the market has overlooked the growth potential of its cross-border e-commerce platform Temu. The bank believes that Pinduoduo's competitiveness in the e-commerce market and its ability to expand its user base are underestimated by the market, especially the overseas business expansion of the Temu platform, which is expected to become a new growth driver in the future</p>

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Rating Quick Look | Tencent, JD.com's target price raised after performance! Nvidia, Pinduoduo expected to perform well before earnings release