G Sachs Cuts ZTE TP to HKD37.5; 1Q Gross Margin Under Pressure but Computing Business Sees Strong Growth
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Goldman Sachs has cut its target price for ZTEfrom HKD40.4 to HKD37.5, reflecting an 8% reduction in earnings forecasts for 2026-2028 due to declining gross margins. ZTE reported a 1Q revenue of RMB35 billion, a 6% YoY increase, with computing-related revenue rising to 27% of total revenue. However, gross margin fell to 28.3% from 29.4% in the previous quarter. Goldman Sachs maintains a Neutral rating on both ZTE's H-shares and A-shares.
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