Jefferies Upgrades BYD to Hold, RMB88 PT

Jefferies analyst Johnson Wan upgraded BYD Co Ltd (002594:CH) (OTC: BYDDY) from Underperform to Hold with a price target of RMB88.00 (from RMB92.00).

“Given our 4Q expectations, we cut BYD FY25 earnings forecast to RMB33bn and lower FY26 earnings forecast to RMB40bn.

While we believe BYD’s strong product cycle will likely enable the company to recapture market share in China in 2026, the autos market remains slow as customers digest the gov’s pull-back in subsidies.

Nevertheless, we upgrade BYD-A shares to Hold as we see more negatives being priced-in, with A/H PT of Rmb88/HK$105 based on 20x 2026E PE.”

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