Macquarie analyst Eugene Hsiao upgraded Geely Automobile (GELYF) to Outperform from Neutral with a price target of HK$18, up from HK$16, after Geely reported Q3 results and announced two major transactions: increasing its stake of Zeekr (ZK) from 51.5% to 62.8% by purchasing shares from its parent Geely Holding with cash and reporting Zeekr will take a 51% stake in Lynk & Co and consolidate the business via purchasing a 50% stake from Volvo Car and Geely Holding. The firm raised 2024, 2025 and 2026 EPS forecasts by 8%, 16% and 11%, respectively, to reflect Q3 results and notes it applies a sum-of-the-parts analysis to separately value the Geely and Zeekr brands.
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Read More on GELYF:
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