0639 GMT - Foxconn Industrial Internet appears to be on track for strong earnings growth in 2022, thanks to growing demand for servers and other tech-related solutions such as 5G, Daiwa Capital analysts Kylie Huang and Jack Chen say in a research note. The tech company's operating profit could rise 10%-16% on-year over 2022-2023, despite some current supply chain challenges, the analysts say. "We suggest that investors make use of the muted near-term tech sentiment on macro uncertainty to gradually accumulate FII," they added. Daiwa maintains a buy rating and a CNY13.50 target price on the stock, which is 0.3% lower at CNY9.36. (justina.lee@wsj.com)
$(END)$ Dow Jones Newswires
May 12, 2022 02:39 ET (06:39 GMT)
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