[Nomura: Substantially Raises Lenovo Group Target Price to HK$35, Maintains 'Buy' Rating] According to a report by Jinse Finance, on June 29, Nomura published a report maintaining a 'Buy' rating for Lenovo Group. Based on a 20x price-to-earnings ratio forecast for FY2027, the target price has been significantly raised from HK$16 to HK$35. Although Lenovo's stock price has risen by over 100% since May, Nomura believes this outperformance may continue because the firm is confident that: (1) The market has not yet fully reflected the potential of Lenovo's server business; (2) Nomura's earnings forecasts for FY2027/28 are now approximately 10% higher than market consensus; (3) Lenovo is currently undergoing a revaluation process, with its key peer Dell trading at a 30x one-year forward price-to-earnings ratio, which Nomura believes creates room for Lenovo's revaluation. The firm has raised its earnings forecast for Lenovo Group for FY2027/28 by 12%.