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<Research>M Stanley Lifts CM BANK's TP to HKD63.4 After Updating Risk-Reward Assessment
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Morgan Stanley has issued a research report updating the risk-reward assessment for CM BANK (03968.HK). The broker has also adjusted its earnings forecast for CM BANK following the announcement of its 3Q25 results, while cutting its NIM forecast due to the slower-than-expected NIM recovery after the 3Q25 results.

CM BANK's target price has been lifted from HKD61 to HKD63.4, with a rating of Overweight.

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