The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0918 GMT - Prosus' offer for Just Eat Takeaway looks generous, Bryan Garnier's Clement Genelot writes in a note. The Amsterdam-listed investment group reached a conditional agreement to acquire the food-delivery group for 20.30 euros a share in cash. The offer is unlikely to receive a counterbid or upgraded bid, Genelot says. However, "It remains unclear whether Prosus will be able to handle a delisting of JET and Delivery Hero at the same time by the end of the year," the analyst adds. Prosus owns 28% of Delivery Hero. Prosus shares are down 8% at 42.30 euros, while Just Eat Takeaway shares are up 52.9% at 19 euros. (najat.kantouar@wsj.com)

0912 GMT - Alibaba is likely to see further improvement in monetization for its domestic e-commerce platforms Taobao and Tmall Group, thanks to its new digital marketing tool, according to Deutsche Bank Research analyst Jessie Xu. The key growth driver for Taobao and Tmall will be the rise in the take rate from its digital marketing tool, Quanzhantui, as well as AI empowerment, the analyst says. However, overall consumer sentiment in China has not yet shown a significant improvement, and EBITA is expected to fluctuate as management focuses on user growth, enhancing the user experience, and improving investment efficiency, the analyst adds. DB maintains a buy rating and raises its target price to HK$155.00 from HK$127.00. Shares last traded at HK$135.70. (tracy.qu@wsj.com)

0800 GMT - Prosus's all-cash offer for Just Eat Takeaway will likely proceed, RBC Capital Markets analysts Wassachon Fon Udomsilpa and Richard Chamberlain write in a note. The Amsterdam-listed investment group has reach a conditional agreement to buy the food-delivery company for 4.1 billion euros in cash. "While there is a possibility of a counter bid, we believe Prosus is in a good position considering its offer price having over 60% premium to Just Eat Takeaway.com's latest share price," the analysts say. The offer is unanimously recommended by Just Eat's management and supervisory board. Just Eat shares closed at 12.43 euros on Friday and Prosus shares closed at 45.98 euros. (najat.kantouar@wsj.com)

0718 GMT - Lenovo's PC volumes should stabilize in calendar 2025, supported by an accelerated Windows 11 replacement cycle, CGS International analyst Ray Kwok says in a note. He projects Lenovo's PC revenue to rise 1% and 3% for FY 2025 and FY 2026, respectively, as average selling prices rise due to better product mix and bigger contributions by premium PCs, such as gaming PCs and AI PCs. CGS Interational raises its FY 2026 and FY 2027 EPS forecasts on Lenovo by 13%-15% as the global PC market recovery drives demand for AI PCs and servers, supporting profitability. The brokerage raises the stock's target to HK$15.00 from HK$13.30 and maintains an add rating. Shares are last at HK$13.02. (hoishan.chan@wsj.com)

0633 GMT - StarHub's earnings recovery may be delayed, according to CGS International analysts in a research report. They highlight factors such as intense mobile competition, which is affecting StarHub's average-revenue-per-user growth, and the slower realization of the benefits from its 'DARE+' strategy. Management notes that Singapore's mobile market remains "hypercompetitive" and plans to compete aggressively in 2025 to defend and grow market share. The analysts believe the telecom conglomerate's 2025 earnings outlook is uncertain. The brokerage lowers its 2025-2026 core EPS estimates for StarHub by 11%-17%. CGS International downgrades the stock to hold from add and lowers the stock's target price to S$1.30 from S$1.40. Shares are down 0.8% at S$1.23. (ronnie.harui@wsj.com)

0335 GMT - NetEase's online gaming revenue will likely recover this year, Nomura analysts say in a research note. The resumption of Blizzard-licensed titles and the release of new hit titles should support the Chinese company's gaming revenue in 2025. the analysts say. Nomura expects NetEase's deferred game revenue to resume growth in 1Q, after dropping 2.5% on quarter in 4Q likely due to seasonality and a high base. Meanwhile, the Nomura analysts think the NetEase stock can act as "an appealing portfolio stabilizer" during market volatility, as its online gaming business is unlikely to be affected by either macro weakness or geopolitical turmoil. Nomura keeps a buy call on NetEase's ADRs and raises its target price slightly to $124.00 from $123.00. Shares last closed at $103.22. (sherry.qin@wsj.com)

0309 GMT - Telstra loses its bull at Macquarie despite the prospect of further cost-saving measures at the Australian telecommunications provider. An analyst note from the investment bank highlights the company's strong cost performance and identification of more ways to save money. The latter should account for the majority of the returns from a A$700 million investment by Telstra in its artificial-intelligence partnership with Accenture, the note adds. Even so, Macquarie downgrades its recommendation on the stock to neutral from outperform, citing valuation. The target price falls 8.6% to A$3.93. Shares are up 0.6% at A$4.175. (stuart.condie@wsj.com)

0200 GMT - The AI theme should kick off a new upcycle for Chinese internet stocks, Jefferies analysts write in a note. The Jefferies analysts note that the sector's valuation looks undemanding and stocks are trading at a discount to overseas peers. Jefferies is now more positive on the sector as companies are pursuing advanced technology and cost-efficient models, on top of applications of technology. Recent earnings results for most of the large and midcap companies under the AI theme are either in line or have beat expectations, the bank adds. Among the major companies, the bank is positive on Alibaba's advanced technology, open-source models and global cloud infrastructure, Jefferies says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0006 GMT - Spark NZ's dividend is in focus following its fourth earnings downgrade in a row. It held the FY 2025 dividend at NZ$0.25/share on the basis that its remaining stake in Connexa has been sold. But Jarden analyst Arie Dekker says the dividend needs to be aligned with earnings, not capital flows. A policy shift could come soon as Spark NZ says its capital management settings, including its dividend, will be reviewed. Jarden keeps its FY 2026 dividend forecast unchanged at NZ$0.20/share, seeking greater clarity on the outlook for IT and Spark NZ's plans for data centers but highlights downside risks to that expectation. "For now NZ$0.20/share feels to us like the new aspirational target," says Jarden, which has an overweight call on the stock. (david.winning@wsj.com; @dwinningWSJ)

2308 GMT - WiseTech's bull at E&P hopes the logistics-software developer's board clearout ends the product delays that have tempered its near-term outlook. Analyst Paul Mason writes in a note that he expects a bit of pressure on the stock, and that it was clear that some directors wanted to shrink Richard White's role more than the former CEO had wanted. Investors had been concerned that White was being pushed out of the company by the media and maybe the board, he adds. E&P has a positive recommendation and A$153.41 target price on the stock, which was halted Thursday at A$121.70. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

February 24, 2025 04:20 ET (09:20 GMT)

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