0401 GMT - Pop Mart, maker of the ugly-cute Labubu dolls, faces a challenging 2026 outlook following weaker 4Q performance, Deutsche Bank analyst Sammi Xu says in a note. A sequential deceleration in 4Q25, and the company's plan to launch Labubu 4.0 in 2H26 instead of 2Q26, suggests sales pressure may intensify as the base rises without the lift from the long CNY holiday. Deutsche Bank says it has turned cautious on Pop Mart, downgrading the stock to sell from hold and cutting the target price to HK$157 from HK$228. Shares are down 9.2% at HK$152.80. (venkat.pr@wsj.com)
(END) Dow Jones Newswires
March 26, 2026 00:01 ET (04:01 GMT)
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