Event
JPMorgan research report downgrades UBTech rating and initiates coverage of Unitree at Underweight
1 reports · 1 sources
On September 29, 2026, JPMorgan released the research report "Humanoid Robots: Reassessing Industry Positioning," downgrading UBTech's rating to Neutral and cutting its target price from HK$118 to HK$74 (a 37% reduction), while initiating coverage of Unitree with an Underweight rating. Unitree's target price was set at 300 yuan, corresponding to -35% downside; Estun remains Underweight, and only Inovance Technology remains at Neutral. In the research report, the valuation basis for target prices was lowered from the previous 8x FY27E price-to-sales ratio to 5x.
Report timeline
- JPMorgan cuts UBTech target price to HK$74 in research report; initiates Unitree at underweight with RMB300 target
On September 29, JPMorgan released a research report titled "Humanoid Robots: Reassessing Industry Positioning," cutting UBTech's target price from HK$118 to HK$74 and downgrading it to Neutral, initiating coverage of Unitree at Underweight with a RMB300 target price implying 35% downside, maintaining Underweight on Estun, and keeping only Inovance Technology at Neutral.
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