现在，“买进”联想

Banks split on Lenovo's prospects

艰难前行的联想已经显现出触底反弹的迹象。在并购整合一年多来。

After Lenovo published its April-June financial report, six leading global investment banks were split in terms of the investment ratings on this China's largest PC vendor. Two of them, including Morgan Stanley and Deutsche Bank, strongly recommended a 'buy' in Lenovo, while Merill Lynch, Goldman Sachs and JP Morgan held 'neutral' ratings and CITI Group suggested a 'sell'. According to the report, Lenovo's quarterly revenue grew 38 percent to 3.5 billion US dollars. And its net profit was five million US dollars after deducting a 19-million-dollar restructuring cost for the merger of Lenovo and IBM PCD. Though this result beat market's expectation, some investment banks worried that Lenovo's slow growth in the markets outside China, especially the European and American markets, would limit its potential in further growth; and Lenovo's growth in China may be unsustainable and slow down before the American market turns better. At the mean time, the company's operating cost ratio is still far higher than the industry's average and its internal management and execution ability are also questioned.