Key Takeaways:
- Morgan Stanley reiterates Overweight on MINIMAX-W with a HKD 1,100 price target
- The M3 flagship LLM launch marks a major upgrade from the M2 series
- Catalysts include ARR updates, Hailuo 3 in June, and a larger M3 series in 3Q26
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MINIMAX-W gets HKD 1,100 target as M3 launch drives upgrade
Morgan Stanley reiterated its Overweight rating on MINIMAX-W (00100.HK) with a HKD 1,100 price target, saying the launch of the new M3 flagship large language model will help the company regain a leading position in China's frontier AI market.
"The launch of M3 marks a major upgrade since the M2 series and will help MiniMax regain a leading position in China's frontier large language model market," the broker said in a research report. Morgan Stanley said annual recurring revenue growth following the M3 launch will be a key observation indicator for the stock.
MINIMAX-W shares traded 3.7% lower on the day. The HKD 1,100 target implies significant upside from current levels. JPMorgan also rates the stock Overweight, calling the M3 launch a strategic transformation for the company.
The broker expects several catalysts ahead, including updates on the latest ARR figures, the release of Hailuo 3 in June, and the launch of a new M3 series with larger parameters in the third quarter of 2026. The M3 model is designed for long and complex coding tasks, positioning MiniMax to compete more aggressively in China's rapidly evolving AI landscape.
The reiterated Overweight rating signals continued institutional confidence in MiniMax's product roadmap. Investors will watch the Hailuo 3 release in June and the larger-parameter M3 series in 3Q26 as the next key milestones for the stock.
This article is for informational purposes only and does not constitute investment advice.
[1] M Stanley: MINIMAX-W (00100.HK) Releases M3 in Major Upgrade; Reiterates Overweight[2] MiniMax debuts AI model built for long and complex coding tasks[3] M Stanley: MINIMAX-W (00100.HK) Releases M3 in Major Upgrade; Reiterates Overweight - AASTOCKS.com[4] MiniMax (00100) launched its next-generation model M3, featuring a 1-million-token context window, flagship coding capabilities, and native multimodality. - Moomoo
