Rating Quick Look: NVIDIA's pre-performance target price significantly raised! MEITUAN and LI NING ratings downgraded.

• Baird: Raises NVIDIA's target price from $750 to $1050.

• Dahua Jixian: Downgrades MEITUAN to "Hold" with a target price of HK$70.

• Goldman Sachs: Downgrades LI NING to "Neutral" with a target price lowered from HK$33 to HK$22.

The bank pointed out that LI NING's stock price has risen by about 30% since hitting bottom in January. However, with the increase in marketing expenses and the impact of deleveraging operations, this year's profit margin may face potential risks.

The bank also mentioned that LI NING's sales growth prospects may be affected by continued management and control of distributors. In the weak consumer environment, the outlook for profit margin growth is mediocre. Therefore, LI NING's profit forecast for the fiscal years 2024 to 2026 has been lowered by 6% to 11% to reflect the slowdown in sales growth and the cost increase from Olympic events and brand-related investments.

• CICC: Maintains a "Neutral" rating for CHINA LIT with a target price lowered from HK$36 to HK$29.

The bank believes that short-term AI investment may partially drag down CHINA LIT's core profit growth, but in the long term, it will bring capacity expansion, cost optimization, and room for product innovation.

CHINA LIT's core IP operation still has growth potential, mainly due to: 1) The announcement in December 2023 of the acquisition of Tencent's related anime assets, which is expected to further enrich the IP reserves and strengthen the synergistic development of diversified IPs. 2) Short drama exploration may bring incremental opportunities. According to ADXray data, CHINA LIT's fantasy short drama "The Dragon Emperor" generated over ten million yuan in revenue within 72 hours of its release. With low investment and quick loss prevention, once the model is established, it may accelerate the adaptation of long-tail content on the platform, expanding its commercial potential.

• Bank of America: Reiterates a "Buy" rating for Walmart with a target price of $190.

The bank stated that Walmart's fourth-quarter earnings per share were $1.80, higher than the bank's expected $1.61 and the market's expected $1.64. This was due to the growth in digital advertising, WMT+ memberships, third-party markets, and full-media service fees, which should support sales growth faster than cost growth. Besides sales mix measures, investments in wages, pricing, supply chain, and automation are expected to enhance long-term profitability.

Bank of America Securities expects that as consumers continue to control inflation in groceries, reduce food benefits after the pandemic, and resume student loan repayments, purchasing cheaper goods and increasing grocery market share will continue to support Walmart's in-store and online transactions.