HSBC Global Research lifted its target price for CRRC Corporation (01766) to HK$8 from HK$7.5 and upgraded its rating to "buy" from "hold".
The research house said CRRC's share price has corrected 27% year-to-date. HSBC thinks this reflects the market's change in expectations for new rail equipment orders in the domestic market, from overly optimistic to the reality of a flat growth outlook.
HSBC made minor 1-2% adjustments to our rail equipment revenue estimates for FY2019-21, while its EPS estimates remain broadly unchanged.
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