花旗：予李宁(02331)“买入”评级 目标价降至28.5港元
花旗发布报告称，基于去年第四季疲弱的零售环境，下调对李宁(02331)去年净利润及销售预测4%及2%。另基于盈利预测变更，目标价由35.5港元降至28.5港元，此按现金流折现率作估值，基于便宜估值续予“买入”评级。
该行表示，基于不确定宏观环境，对本土体育品牌今明两年销售展望採取更审慎观点，并下调对李宁今明两年销售预测5%及8%。该行亦指，李宁计划今年进一步扩大在低线城市业务，推出均价便宜产品。该行基于可能与其他本地品牌出现价格战，对李宁盈利率展望看法保守，并下调对李宁今明两年净利润预测20%。
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