Stock Track | Legend Holdings Soars 5.51% Intraday on Strong Subsidiary Earnings and Multiple Bank Target Price Upgrades

Stock Track05-28

Legend Holdings' stock price surged 5.51% during intraday trading on Thursday. The significant upward movement reflects strong investor sentiment following positive developments related to its key subsidiary.

The rally was primarily driven by the market's continued positive response to the robust financial results reported by Legend Holdings' subsidiary, Lenovo Group. Lenovo announced substantial year-over-year growth, with full-year revenue up approximately 20.3% and operating profit surging roughly 50.7%. Particularly impressive were the first-quarter results, where revenue reached US$21.59 billion, a 27.1% increase, and operating profit skyrocketed by approximately 167.8%.

Concurrently, a wave of target price upgrades from major international investment banks provided further momentum. Goldman Sachs raised its target price to HK$27 with a Buy rating, Macquarie lifted its target by 68% to HK$21.75 and added the stock to its core picks list, CLSA raised its target to HK$21 while reiterating an Outperform rating, and UOB Kay Hian upgraded the stock to Buy with a HK$20.2 target. Analysts highlighted Lenovo's accelerating transformation from a traditional PC company into an AI infrastructure enterprise, with artificial intelligence expected to be a key driver of future growth.

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