M Stanley Cuts ZAI LAB TP to HKD19, Reflecting Post-1Q Results Forecast Revisions
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M Stanley has revised its target price for ZAI LABfrom HKD19.5 to HKD19, maintaining an Overweight rating. This adjustment follows updates to its financial model after the company's 1Q results, leading to a 5% reduction in revenue forecasts for 2026-2028. M Stanley projects ZAI LAB's 2026 revenue at USD488 million, with adjusted loss per share forecasts for 2026-2028. The broker notes that the impact of the target price cut is limited due to the reliance on terminal value in DCF models for biotech valuations.
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