GDS Holdings

GDS · HONG

$22.25+$0.105 (+0.47%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $22.14

GDS analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $57.06 (+156.5% upside)

Low: $51.66
Now: $22.25
High: $65.94

Upgrades and downgrades

The latest rating actions, newest first

GDS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	May 21, 2026	Maintains	Buy	$37.00 → $36.00	39%
TD Cowen	Nov 20, 2025	Maintains	Buy	$38.00 → $37.00	39%
Macquarie	Nov 6, 2025	Initiates	Outperform	—	38%

The case for and against

Updated Feb 9, 2026

Bull case

GDS Holdings has demonstrated a compelling valuation as it continues to execute on its strategic plans, leading to an increase in the price target to $50.00, which reflects a multiple of approximately 16.5x on estimated 2026 EBITDA. The successful launch of its C-REIT has yielded a valuation of about 22.0x 2026 EBITDA, significantly outperforming prior expectations and highlighting the potential for a valuation improvement from its current trading levels of around 12.0x EBITDA. Furthermore, anticipated EBITDA generation from international operations is expected to exceed $1.0 billion by 2028, along with potential substantial gains from the C-REIT conversion process, which could enhance the valuation of GDS's Chinese business by 10.0x or more.

Bear case

GDS Holdings faces a negative outlook primarily due to ongoing weakness in the Chinese tech market, which has negatively impacted demand and pricing power within its core operations. Additionally, structural changes to the Chinese REIT market are compromising the company's sum-of-the-parts valuation, further exacerbating financial uncertainties. The company also encounters elevated risks related to its non-China operations, including execution challenges, pricing pressures, and regulatory risks, which may hinder future growth and profitability.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.