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<Research>Citi Elevates MEITUAN-W (03690.HK) TP to $192 on Macro Recovery Tailwind
Recommend 15 Positive 33 Negative 9 |
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Citi Research issued a research report expecting that consumption demand for food delivery, local service spending, hotel and travelling bookings may improve, while demand for ride hailing and grocery retail may also increase, amid the aggressive launch of stimulus policies in China. Therefore, the broker raised its 4Q24 revenue/ non-GAAP profit forecasts for MEITUAN-W (03690.HK) by 0.4%/ 2% each, and elevated its target price to $192 from $155, with rating kept at Buy. In addition, the management of MEITUAN-W committed to gradually cut losses from Meituan Select. It is believed that revenue growth may accelerate again with the recovery in the macro economy of China. However, Citi Research projected that the overall profit growth may continue to grow at a faster rate than the revenue growth. AAStocks Financial News |
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