CLSA initiated coverage of CXMT, China’s top DRAM manufacturer, with an outperform rating and an 84.70 yuan price target, implying over 60% upside. CXMT’s global market share by bit shipment is expected to reach 14% next year, up from 9% last year. Bernstein also initiated coverage with an outperform rating and a 70 yuan target, seeing CXMT capturing an additional 10%-plus share of the global market from non-China, non-U.S. demand. Bernstein analysts note that foreign OEMs generally accept Chinese memory in products sold globally, except in the U.S. and sensitive segments. CXMT’s third quarter earnings are expected on Oct. 31.
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