JPMorgan Chase raises its target price for Zhipu to HKD 2000 and lowers its target price for MiniMax to HKD 300

JPMorgan Chase has narrowed its adjusted loss forecast for Zhipu from 2026 to 2027 to RMB 3.711 billion and RMB 3.141 billion respectively, and revised its profit forecast for 2028 to RMB 2.367 billion. The target price has been raised from HKD 1800 to HKD 2000, and the rating remains an increase in holdings; JPMorgan Chase has lowered its MINIMAX-W target price from HKD 400 to HKD 300, maintaining a neutral rating.