Morgan Stanley has issued a research report maintaining a "Market Perform" rating on Lenovo Group with a target price of HK$9.8. The report identifies Lenovo as the company best positioned to mitigate risks associated with rising memory prices. For the third fiscal quarter ending last December, Lenovo's desktop computer shipments reached 4.5 million units, representing a 29% year-on-year increase and an 11% sequential rise, surpassing the firm's and market expectations by approximately 30%. Laptop shipments were around 14.3 million units, largely in line with projections. Smartphone shipments showed strong performance, increasing 9% year-on-year and 4% sequentially to 16.8 million units, which was 9% higher than expected. Although server data has not yet been released, the firm's survey indicates robust overall server demand during the period. Consequently, revenue forecasts for the Infrastructure Solutions Group (ISG) have been raised to approximately $5 billion, reflecting a 27% year-on-year and 22% sequential growth, which is 8% above market expectations. Morgan Stanley anticipates Lenovo's third fiscal quarter revenue to be around $21.8 billion, up 16% year-on-year and 7% sequentially, exceeding market expectations by 5%. Non-Hong Kong Financial Reporting Standards adjusted net profit is projected to be about $522 million, which is 11% higher than market forecasts.