The Zhitong Finance App learned that Goldman Sachs released a research report stating that it raised the target price of CITIC Securities (06030) by 2.8% to HK$13.81 from HK$13.43 to maintain a “neutral” rating. Goldman Sachs noted that CITIC Securities' core business revenue for the first fiscal quarter was in line with the bank's expectations, while far higher than expected cost savings led to net profit exceeding expectations.

Overall, the bank believes that CITIC Securities' net profit for the first fiscal quarter was better than expected. As a result, the bank lowered the group's estimated costs and raised the 2024-25 net profit forecast by 3%. Goldman Sachs said that the upward risks of CITIC Securities are improving the capital market, driving core business growth, and further controlling costs more than expected, respectively.