Lenovo downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Lenovo (LNVGY) to Equal Weight from Overweight with a price target of HK$10.20, down from HK$13. The firm believes the memory “super cycle” will pressure hardware stocks in 2026. Higher NAND and DRAM costs will pressure Lenovo’s margins and valuation, the analyst tells investors in a research note.