Macquarie lowered the firm’s price target on Zeekr (ZK) to $38 from $47 on slower top line growth estimates, while keeping an Outperform rating on the shares. Zeekr’s Q1 profit was “a positive surprise,” but the firm believes it may trade as a Geely proxy due to the recent privatization share swap offer. Its valuation remains well below pure-play China EV peers, which indicates the deal looks attractive for Geely Auto (GELYF) shareholders, Macquarie adds.
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