小摩：升宁德时代目标价至600港元 降评级至“中性”

Core Viewpoint - Morgan Stanley has raised the target price for CATL (300750) H-shares to HKD 530 and upgraded the rating to "Overweight," while also increasing the A-share target price to RMB 480 [1] Group 1: Target Price Adjustments - Morgan Stanley has further increased the 2026 PE valuation multiple for CATL to 30 times, setting a new H-share target price of HKD 600 [1] - The expected stock price for CATL has approximately 20% upside potential compared to the previous closing price [1] Group 2: Rating Changes - The rating for CATL was downgraded to "Neutral" based on valuation considerations, despite it remaining the preferred choice in Morgan Stanley's battery value chain [1]