Jefferies lowers its target price for Zhipu to HKD 1183.79, maintaining its holding rating
Jefferies has lowered its target price for Zhipu from HKD 1299.8 to HKD 1183.79, maintaining its holding rating. Jeffrey believes that Zhipu's annual recurring revenue guidance of $2.4 billion by the end of 2026 exceeds expectations, but has doubts about its sustainability. Jeffray has raised its revenue forecast for Zhipu from 2026 to 2029 by 37% to 119%, and lowered its net loss forecast by 14% to 21%. Jeffery reduced the valuation multiple of the cloud segment from 50 times to 30 times, and is optimistic about Alibaba (09988. HK) and ByteDance.