Report: Lenovo Delays Earnings Report; Citigroup Cuts Target Price for PC Maker’s Stock

Morrisville, N.C. — Lenovo is delaying its financial results for its most recent quarter by a day, Reuters reported on Wednesday.

Lenovo, which has its international headquarters in Morrisville, trades its stock on the Hong Kong exchange.

Citing two executives at the world’s No. 4 world PC maker as its sources, Reuters said Lenovo missed a stock exchange filing deadline. The company had planned to discuss its results on Wednesday.

Analysts consulted by Reuters have forecast that Lenovo will report earnings of $130 million.

Earlier Wednesday, Citigroup cut its target price for Lenovo stock to $7 (Hong Kong) from $12 (HK). The stock traded Wednesday at $4.77 per share. Citigroup said Lenovo would improve results even in a global economic slowdown since the majority of its business is done in China, which has a fast growing economy.