0435 GMT - Pop Mart's total addressable market is substantially larger than previously estimated, Deutsche Bank analyst Jessie Xu writes in a note. The company's Labubu brand has recently gained significant traction. It is rare for a comic IP to break the culture wall and be embraced by both Asian cultures and mainstream western pop culture, Xu says. Pop Mart's "beat and raise" potential for this year and beyond remains significant. Chinese demand may get a further boost from the globalized trend of Labubu, DB adds. There could be potential upside through the cross-selling of other characters within the same series and other Pop Mart IP, the analyst says. DB maintains a buy rating on the stock and raises its target price to HK$303.00 from HK$200.00. Shares are last at HK$257.20. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
June 10, 2025 00:35 ET (04:35 GMT)
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