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On Wednesday, Jefferies raised the price target on shares of Pop Mart International Group Ltd (9992:HK) shares to HK$53.00 from the previous HK$47.40, while reiterating a Buy rating on the stock. The adjustment reflects the company's stronger-than-expected sales growth in the first half of 2024 and its ambitious sales target for the year.
Pop Mart has set a goal for its sales to surpass RMB10 billion in 2024, which would mark a 62% year-over-year increase. The company also anticipates that its overseas market will contribute approximately 30% to its total sales for the year. In response to these positive developments, Jefferies has increased its price target by 11.8%.
In addition to its sales growth, Pop Mart has expanded its product offerings by introducing pop blocks and pop cards to its range in mid-2024. These new additions are part of the company's strategy to diversify its product portfolio. Furthermore, Pop Mart is planning to launch an accessories store in the second half of 2024, which is expected to complement its existing product lines and potentially contribute to further revenue growth.
The analyst from Jefferies commented on the company's performance and outlook, stating, "With stronger-than-expected sales growth in 1H24, Pop Mart targets sales to reach more than RMB10bn in 2024, representing 62% yoy growth. It also expects 'Overseas' to account for ~30% of sales for the full year.
Meanwhile, after adding pop blocks and pop cards to its product portfolio in mid-24, it plans to open an accessories store in 2H24. We raise our PT by 11.8% to HK$53, maintain Buy."
Investors will be watching closely as Pop Mart continues to execute its growth strategy and expands its global footprint in the collectibles market. With the company's strong first-half performance and proactive business initiatives, Jefferies' updated stock price target suggests confidence in Pop Mart's potential for sustained growth.
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