Nomura downgrades ZTE (00763) to Neutral X
23/10/2024 11:38
(Infocast News)    Nomura downgraded ZTE (00763) to Neutral and cut TP to HK$21, implying 8.5% upside.

ZTE delivered weak 3Q24 results, with revenue/earnings declining by 3.9%/8.2% y-y, likely driven by continued weak demand in China’s telecom sector, in Nomura's view. 

The firm cut FY24-26 earnings  forecasts by 4-8% to reflect likely slower-than-expected telecom equipment revenue growth. (WL)

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