[Citi lowered Lenovo’s target price from HK$50 to HK$40, maintaining a buy rating] On October 20, Citi lowered Lenovo’s target price. Affected by the potential equity dilution effect of convertible bonds and warrants and the valuation update, Lenovo’s stock price fell by up to 9.8% during the session, falling to the lowest level since August 6. Analysts Huang Jiana and others said in the research report that Citi still expects Lenovo to deliver "another solid quarterly performance." Supporting factors include the continued strength of the infrastructure solutions business (ISG), the stable operation of the intelligent device business (IDG), and the maintenance of double-digit growth in the solution services business (SSG). "Although recent market concerns about highly leveraged AI infrastructure companies have triggered stock price fluctuations across the entire AI supply chain, we believe Lenovo's direct exposure to high-risk new cloud customers is still limited." This time Citi lowered its target price by 20% from HK$50 to HK$40, but maintained a buy rating.