Bank of America Securities published a research report, reducing New Oriental's target price to HK$86.8, rated for purchase, and ranked as the industry's first choice. Bank of America expects mixed results for the third quarter of the 2024 fiscal year announced by the company in April, with revenue growth of 42% to 45% higher than the guide. It believes that Oriental Selection will be a decisive factor in this quarter's results, as its revenue contribution exceeds expectations, but at the same time, profit margins are also diluted due to increased promotion activities and investment in new channels. It estimates its non-GAAP operating profit of US$143 million, which is roughly in line with market expectations. At the same time, it lowered its non-GAAP earnings forecast for fiscal year 2024 and 2025 by 5% each.