[ET Net News Agency, 16 December 2025] 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. (rc)