Goldman Sachs maintains a 'Buy' rating on MiniMax, with a target price of HKD 860.

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BlockBeats news: On July 4, Goldman Sachs maintained a “Buy” rating for MiniMax, with a target price of HKD 860. In its report, Goldman Sachs said that the MiniMax M3 model is priced the same as the M2.7 model. Through upgrades to the training and inference architecture, inference efficiency has increased by more than 2 times, which is enough to offset the cost increase caused by the doubling of model parameters. This week, DeepSeek announced that the official V4 version is scheduled to launch in mid-July, and will also introduce a time-based pricing mechanism, with the call price during peak hours set at 2 times the usual rate.

Goldman Sachs believes that DeepSeek’s price increase indirectly reflects the high cost-effectiveness of the MiniMax M3. The upcoming larger version of the M3 series, as well as the H3 video model, are also viewed as catalysts for the next stage.

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