[I-bank focus]Goldman raises Lenovo (00992) to HK$11.9

    Goldman Sachs raised its target price for Lenovo Group (00992) to HK$11.9 from HK$11.1, and maintained its "neutral" call.
  The research house said IBM and Moto businesses remain the key swing factors for Lenovo's earning growth trajectory. In 3Q FY2015, Moto's profitability tracked above Goldman's expectations, while IBM server business tracked slightly behind.
  Goldman believes the valuation upside driven by Moto's turnaround scenario has been largely priced in. It raised its FY2015-2017 net earnings 14%, 9% and 5% mainly on better GPM and lower tax rate.