BofA Global Research lifted its target price for ZTE Corporation (00763) to HK$35 from HK$31 and maintained its "buy" rating.
ZTE will report its FY19 results in late March. The research house forecast the company to operating revenue of RMB95.9bn (+12%), gross profit of RMB31.2bn (+16%) and net profit of RMB4.5bn (2018: loss of RMB7bn).
Given the telecom operators are still reassessing the pace of 5G network rollout (with the outbreak of the coronavirus), BofA believes more uncertainty surrounds the demand side of the equation.
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