[ET Net News Agency, 29 November 2023] Morgan Stanley lowered its price target for
Meituan (03690) to HKD120 from HKD180 and downgraded its rating to "equal-weight" from
"overweight".
The research house said it cuts top-line estimates by 1-16% and non-GAAP OP forecasts by
2-23% for 2023-30, mainly factoring in a more conservative food delivery volume outlook
amid macro uncertainties and lowers long-term margins in new initiatives due to lack of
visibility. (RC)