Bank of America Securities has reaffirmed its Neutral rating on Kanzhun Ltd. with a price target of $19.00, based on a 2027 non-GAAP P/E multiple of 14x. The bank also retained its earnings-per-share estimates for the 2026-2028 period.
Morgan Stanley concurrently reiterated an above-average rating with a $24.00 price target. The differing assessments reflect divergent views on the company’s monetization trajectory amid shifting market conditions.
Kanzhun’s shares were trading at $17.80 on August 28, down 1.11% for the session. The stock’s current P/E ratio stands at 13.34, with a notably low PEG ratio of 0.18, according to InvestingPro data. Gross margins remain robust at 85%, while the company’s financial health score is rated 3.74 out of 5.
The recruitment platform reported a 14% year-over-year revenue increase to RMB 2.4 billion in the second quarter. Adjusted operating income rose 19%, reaching a record margin of 43.8%. Adjusted net income grew 9%, excluding investment gains.
BofA projects Kanzhun’s third-quarter 2026 revenue growth between 11.4% and 15.6% year-over-year, aligning with consensus expectations of 14%. Adjusted operating margins are expected to remain stable quarter-over-quarter.
Kanzhun is pursuing a monetization strategy focused on higher customer spending in mature markets, including Tier 1 and Tier 2 cities. The company aims to increase the share of paying users and raise the effective price per accepted resume application, citing historically low pricing with room for adjustment. A gradual pricing increase has already commenced.
In smaller cities, Kanzhun will prioritize user base expansion over pricing adjustments. Morgan Stanley anticipates long-term revenue growth as the company increases average revenue per paying user starting in the second half of 2026.
