Goldman Sachs upgrades MiniMax rating to Buy, citing steady revenue and a stock price correction offering a favorable risk-reward profile

Goldman Sachs upgrades MiniMax stock rating from Neutral to Buy, with a target price set at HKD 1,000, mainly based on the steady annual recurring revenue (ARR) growth trend this year. Goldman Sachs analyst Ronald Keung stated in the report that the upcoming release of the M3 model and Helio 3 this month marks the next decisive moment, expected to shift MiniMax’s market attention from the popular M2 intelligent agent applications to the high-value coding domain of M3/Helio 3 in full-modal applications. Based on a robust ARR trend in the first quarter, the expected revenues for 2026 and 2027 have been raised by 25% and 11%, respectively; the 40% price correction since the March peak creates favorable risk-reward; the stock price decline over the past month is attributed to concerns over model competition, doubts about video generation potential under the influence of multimodal SeeDance 2.0, and technical selling pressure from the six-month lock-up period for IPO pre- and cornerstone investors that expired in early July.