Futu: Downgraded Xiaomi Corporation-W target price to HKD 69.85, maintaining "Buy" rating
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Credit Suisse has lowered the target price for Xiaomi Corporation-W to HKD 69.85, maintaining a "Buy" rating. Due to weak smartphone demand, the second-quarter performance is expected to fall short of expectations, with revenue forecasts revised down by about 5%. Despite a pessimistic outlook for the smartphone market, Xiaomi's electric vehicle deliveries are progressing smoothly, and the gross margin is expected to rise due to an improved product mix, with second-quarter delivery volume projected at 81,000 units and gross margin expected to increase to 23.9%
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