Morgan Stanley lowered the target price for ZTE (00763) to HKD31.5 from HKD35 and maintained the "equal-weight" rating.
The research house said following the weaker-than-expected 3Q25 results, it cuts revenue forecasts by 5%/6%/7% for 2025/26/27 and gross margin assumptions by 0.9%/0.5%/0.4% to reflect the domestic 5G revenue shortfall.
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