Jefferies lowers Xiaomi's target price, stating that the company's EBITDA is below expectations
Jefferies stated that Xiaomi's third-quarter earnings before interest and taxes (EBIT) fell short of expectations due to increased operating expenses. Jefferies noted that Xiaomi's EBIT was 19% and 35% lower than the firm's and market consensus expectations, respectively, and has lowered the company's fourth-quarter and next year's profit margin forecasts to 10% and 9%, respectively, reducing the target price from HKD 56.18 to HKD 49.21
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