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Investing.com - JPMorgan has upgraded Pop Mart International Group Ltd (HK:9992) from Neutral to Overweight and raised its price target to HK$320.00 from HK$300.00.
The upgrade comes after Pop Mart’s share price declined 24% from its recent peak of HK$335.40 on August 26 to HK$254 on October 2, while the Hang Seng Index gained 7% during the same period.
JPMorgan forecasts Pop Mart’s sales and adjusted earnings to grow 165% and 276% year-over-year respectively in 2025, with stronger growth in the first half (204%/372%) compared to the second half (144%/234%).
The firm projects 28% sales growth and 29% earnings growth for 2026, with the stock currently trading at 20 times 2026 price-to-earnings ratio based on JPMorgan estimates.
Several potential catalysts lie ahead for Pop Mart, including third-quarter 2025 operational results expected in late October, strong holiday sales for Halloween and Christmas, the December release of Labubu & Friends animation, and the launch of Labubu 4.0 anticipated in March or April 2026.
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