Jefferies downgraded Xiaomi (XIACY) to Hold from Buy with a price target of HK$43.36, down from HK$49.21. The firm’s model forecasts an 11.6% year-over-year fall in volume in 2026 for the smartphone industry given big memory price hikes and for Xiaomi it sees a 15% volume fall and 5 points of gross margin pressure, the analyst tells investors.
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