Broker│ Rating│ TP
UBS│ Buy│$700
Citi│ Buy│$670-> $695
Daiwa│ Buy│$670
Jefferies│ Buy│$646-> $665
Nomura│ Buy│$648
CLSA│ High Conviction Outperform│$645
BofA Securities│ Buy│$610-> $631
HSBC Global Research│ Buy│$630
Morgan Stanley│ Overweight│ $630
JPMorgan│ Overweight│$600
Goldman Sachs│ Buy│$590-> $595

Broker│ Opinion
UBS│ Core business significantly beat expectation
Citi│ 1Q25 results significantly beat expectations
Daiwa│ Early signs of AI-driven business momentum emerged
Jefferies│ Unique ecosystem in early stage of AI potential release; firm is confirmed as top pick for the sector
CLSA│ Game and advertising growth accelerated
BofA Securities│ Another quarter that posted accelerated growth, with faster AI service launch
HSBC Global Research│ Firm remains its preferred stock in the technology sector
Morgan Stanley│ 1Q25 results posted all round beat
JPMorgan│ Another solid results
Goldman Sachs│ AI-driven advertising and game drove solid results, while AI application and agencies continued to show potential
Nomura│ Another solid fiscal quarter, while advertising and game business strengthened

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