JPMorgan Chase: Raises Apple's price target from $325 to $345
Related
JPMorgan: Open source weight commercialization exhibits a "winner-takes-all" phenomenon; Zhipu target price raised to HK$2,000, MiniMax target price cut to HK$300.
According to BlockBeats, on July 8th, JPMorgan Chase released a research report stating that currently competitive models in the market can expand adoption through open-source weighting and continue to monetize through official APIs, partner channels, enterprise deployments, and workflow products; while weaker models face faster price comparisons and traffic fragmentation. JPMorgan Chase raised its revenue forecasts for Zhipu from 2026 to 2030 by 3% to 9%, and narrowed its adjusted loss forecasts for 2026 and 2027 to RMB 3.711 billion and RMB 3.141 billion respectively. The 2028 forecast was revised from a loss of RMB 1.287 billion to a profit of RMB 2.367 billion. The target price was raised from HKD 1800 to HKD 2000, maintaining an "Overweight" rating. The report believes that the performance of GLM-5.5/6, KimiK3, and DeepSeekV4.1 will be key indicators of whether Zhipu can maintain its leading position. JPMorgan lowered its revenue forecasts for MINIMAX-W (2027-2030) by 2% to 8%, and reduced its target price from HK$400 to HK$300, while maintaining a "neutral" rating. The company noted that the M3 model offers a permanent 50% discount, reflecting that the model has not yet created a significant capability premium for leading domestic competitors. JPMorgan believes that if MiniMax can narrow the capability gap, normalize the discount, maintain API usage, and demonstrate stronger workflow stickiness through MiniMaxCode, its outlook could turn positive.
JPMorgan Chase: Lowers Q4 gold price forecast to $4,500/oz
According to Mars Finance, on July 6th, JP Morgan Chase adopted a more conservative view on the short-term outlook for gold, lowering its Q4 2026 gold price forecast by 25% to $4,500 per ounce. Previously, the bank had given a target price of approximately $6,000, while also predicting an average gold price of $4,300 in Q3 of this year. This adjustment is mainly due to weakening demand from major gold-purchasing sectors, coupled with gold's increased sensitivity to fluctuations in real interest rates, which has suppressed short-term upside potential. The institution predicts that gold prices will remain range-bound in the second half of the year, only experiencing a recovery after the macroeconomic environment improves.
Goldman Sachs: Demand continues to far exceed supply; raises TSMC ADR target price to $600
According to Mars Finance, Goldman Sachs raised its 12-month target price for TSMC from NT$2,750 to NT$3,000 ahead of the company's second-quarter earnings release. The target price for TSMC's ADRs was also raised from US$550 to US$600, with a reiterated "Buy" rating and maintained a PE ratio of 22x based on the company's estimated 2027 EPS. Goldman Sachs believes that demand for AI and high-performance computing (HPC) has been a structural growth engine for TSMC for many years. Last quarter, the bank observed even stronger momentum in 2027, particularly from demand for AI accelerators and server CPUs, with demand continuing to far exceed supply in both advanced process nodes and advanced packaging. Goldman Sachs expects TSMC to further accelerate its capacity expansion and capital expenditures, while continued productivity improvements and strategic pricing will drive gross margins towards a structurally higher trajectory in 2027 and beyond. (Cailian Press)
UBS raises Marvell Technology's target price to $340: AI network chips are a key catalyst; CXL high-speed interconnect opens up a multi-billion dollar market.
According to Mars Finance, UBS analysts have significantly raised their target price for Marvell Technology from $230 to $340, while maintaining a "buy" rating. The new target price implies an upside of nearly 39% from the recent closing price of approximately $276.70. The company launched the Teralynx T100, the industry's first 102.4 Tbps switching chip specifically designed for the AI era. UBS considers this product one of the core drivers of the company's future growth. UBS expects the global CXL market to reach a total potential size of approximately $4.5 billion by 2027, and is expected to further expand to $7 billion to $10 billion by 2030; Marvell's revenue from CXL-related businesses is expected to reach approximately $1 billion by 2027. (Cailian Press)
JPMorgan Chase: Maintains Overweight Rating on Tencent; WeChat AI Agent Launch Reduces Risk Premium
According to Mars Finance, JPMorgan Chase issued a report stating that the uncertainty surrounding Tencent's WeChat AI Agent lies in whether it can truly integrate into the WeChat platform, the extent of its transaction permissions, and whether Tencent can build a supply system that the AI Agent can utilize without relying on existing e-commerce platforms to open their inventory. With Tencent beginning beta testing of the WeChat AI Agent in June, the bank's confidence in its value creation framework has greatly increased. The agent service is now sufficiently visible, clearly distinguishing between existing parts and those still needing development. This transforms the WeChat AI Agent from an AI option with no clear timeline into a phased rollout project with observable milestones. The bank believes that the initial impact of the WeChat AI Agent launch on the share price is more likely to come from a reduction in risk premium and an increase in valuation multiples, rather than short-term earnings per share growth. The bank maintains its "Overweight" rating on Tencent with a target price of HK$690. (Cailian Press)
Goldman Sachs raises target prices for Bank of America and Citigroup.
According to Odaily Odaily, Goldman Sachs raised its price target for Bank of America from $65 to $71 and its price target for Citigroup from $149 to $162.