Goldman Sachs said on Oct. 20 that it is maintaining a Buy rating on ChangXin Memory Technologies, or CXMT, and nudging its 12-month target price up to RMB 130 from RMB 129. The bank tied the move to the company’s third-quarter earnings preview, which came in ahead of its earlier expectations. Goldman now estimates Q3 revenue at RMB 115 billion to RMB 120 billion, representing quarter-on-quarter growth of 15% to 20%, with the midpoint about 30% above its previous forecast. The report also cited CXMT’s announcement that its fifth-generation DRAM technology platform, G5, will officially enter mass production in September 2026. Goldman said the stronger guidance and the G5 production timeline reinforced its view on the company’s medium- to long-term growth case. It has accordingly raised its earnings forecasts for 2026 through 2030 and described CXMT as a key beneficiary of an upcycle in domestic DRAM demand. With the stock trading at about RMB 40, Goldman’s target implies upside of roughly 225%, even as the company’s market capitalization has recently fallen below RMB 3 trillion after a sharp decline in the share price.
Goldman Sachs said on Oct. 20 that it is maintaining a Buy rating on ChangXin Memory Technologies and raising its 12-month target price slightly to RMB 130 from RMB 129.
The immediate trigger for the target increase was the company’s third-quarter earnings preview. Goldman estimates Q3 revenue at RMB 115 billion to RMB 120 billion, up 15% to 20% from the previous quarter. The midpoint is about 30% above the bank’s earlier forecast.
Goldman also pointed to the company’s announcement that its fifth-generation DRAM technology platform, G5, will officially begin mass production in September 2026. Combined with the stronger-than-expected guidance, that update strengthened the bank’s view of the company’s medium- and long-term growth trajectory.
Based on those developments, Goldman raised its earnings forecasts for ChangXin Memory Technologies for 2026 through 2030. The bank described the company as a core beneficiary of an upcycle in domestic DRAM demand.
ChangXin Memory Technologies’ current share price is about RMB 40. Based on Goldman’s RMB 130 target, the implied upside is roughly 225%. The company’s stock has also fallen sharply in recent trading, with its market capitalization now below RMB 3 trillion.
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