Jefferies Research raised its target price for Great Wall Motor (GWM) (02333) to HK$35 from HK$20.2 and maintained its "buy" rating.
The research house said GWM's volume should grow 21%/11% in FY2021/22 ahead of the sector. Millennial car owners' acceptance of its NEV ORA brand pointed to potential brand upgrade ahead of launches of new Lidar-model (L3+) in 2H 2021 and premium/tech models in
FY2022.
Jefferies reiterated the firm's tech leadership versus legacy peers and lifted 2021/22 earnings forecasts to grow 60%/39%.
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