Jefferies Research raised its target price for Meituan (03690) to HK$134 and maintained its "buy" rating.
The research house expects Meituan's food delivery to recover gradually after the industry bottoming out in February, and be back to full force sometime in May. Jefferies believes softness in 1Q is in the price due to the suspension of offline channels, while demand for online food delivery is a secular trend amid low penetration.
Jefferies also believes in-store and hotel weakness is temporary due to suspension of offline activities. It believes Meituan's strong execution and "food plus platform strategies" remain intact.
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