Morgan Stanley has released a research report indicating that MINIMAX-WP (00100) recently launched its new-generation flagship Agent model, M2.7, signaling an acceleration in the company's development cycle. This follows the release of M2.5 just one month prior. The firm has set a target price of HK$990 for the stock, implying a projected 2027 price-to-sales ratio of 56 times, and maintains an "Overweight" rating.

According to the report, the company stated that M2.7 can autonomously construct complex Agent Harness—a benchmark suite/toolset for testing AI agents—and further enhance itself through reinforcement learning and harness improvements based on test results. This capability significantly accelerates MiniMax's model iteration speed and advances the company further toward becoming an AI-native organization.

The company also revealed that compared to M2.5, M2.7 shows substantial performance improvements on OpenClaw and approaches the level of Sonnet4.6 on the MMClaw benchmark. Morgan Stanley further believes that the group has the potential to drive further token growth following the OpenClaw initiative.