- We cut our target price (TP) for GEX by 3% and downgrade our rating from OUTPERFORM to MARKET PERFORM. Our lower TP is due to a 1% cut in our aggregate 2024-2028F NPAT-MI forecast (respective changes of -27%/+3%/+6%/-8%/+24% for 2024/25/26/27/28F). We h