Morgan Stanley has upgraded MINIMAX (00100.HK) to an "Overweight" rating, setting a target price of HK$990. This valuation corresponds to a 56x price-to-sales ratio projected for 2027. The upgrade follows MINIMAX's rapid development of its large model to M2.7, which has significantly improved the performance of OpenClaw, bringing it close to Sonnet 4.6 levels.The enhancements in MINIMAX's native AI capabilities and agent ecosystem are expected to drive future token growth potential, according to the research report. These advancements position MINIMAX as a strong contender in the AI sector, with promising prospects for its token ecosystem.