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<Research>M Stanley Rates CATL at Equalweight w/ TP Lifted to HKD655 & Higher Earnings Forecast
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Morgan Stanley has published a research report updating the risk-return forecast for CATL (03750.HK).

Given that CATL's 2025 results exceeded its expectations by 7%, Morgan Stanley has lifted the group's earnings forecasts for 2026 and beyond. More importantly, CATL's net cash position has become stronger than expected thanks to improved capital efficiency.

Related NewsCICC Lifts 2026 Earnings Forecast for CATL to RMB95.98B
Based on the EV/EBITDA method and in light of the RMB appreciation, Morgan Stanley has elevated its target price for CATL by 12% from HKD585 to HKD655, with a rating of Equalweight.
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