<h3>Bank of America Securities: Maintains &#34;Buy&#34; rating on Alibaba-SW, lowers target price to HKD 103</h3>
<p>The bank believes that the valuation of BABA-SWR is attractive. It has lowered its revenue forecast for fiscal years 2024 to 2026 by 2% to 4%, and adjusted net profit by 3% to 12%, to reflect the continued weak domestic consumer demand, long-term investment in growth of Taobao and Tmall, global expansion of AIDC, and the potential of cloud-based artificial intelligence. As a result, the target price has been lowered from HKD 110 to HKD 103.</p>
<h3>Goldman Sachs: Maintains &#34;Buy&#34; rating on MEITUAN, lowers target price to HKD 151</h3>
<p>The bank expects that even if the stock price of MEITUAN falls close to the IPO price, the market is overly pessimistic about its growth and profit prospects due to concerns about competition, and underestimates MEITUAN's execution capabilities in maintaining its leading position in local services, especially in the delivery business. The competition between Douyin and MEITUAN will drive the market size of the storefront, resulting in a compound annual growth rate of 19% for MEITUAN's core local business revenue from 2023 to 2025.</p>
<p>The bank believes that the market underestimates the potential growth of the local service industry TAM, which will drive its revenue growth. MEITUAN has a moat built around its rider network, restaurant or merchant coverage, and the potential for profit margin improvement starting from 2025.</p>
<h3>J.P. Morgan: Raises target price of WUXI BIO to HKD 34</h3>
<p>The bank expects revenue growth of 10% and 14% for fiscal years 2023 and 2024, respectively. The company added 71 new comprehensive projects last quarter, which was a pleasant surprise, bringing the total number of new projects for the whole year of 2023 to 132. The bank expects that the company's growth this year will be severely impacted by backend loading, but as the company anticipates accelerated growth in the second half of the year, both revenue and profit performance in the second half of the year are expected to outperform the first half.</p>
<h3>Citigroup: Maintains &#34;Buy&#34; rating on CanSino Biologics, significantly lowers target price to HKD 29</h3>
<p>The bank expects CanSino Biologics' sales in 2023 to reach CNY 374 million, a YoY decrease of 63.9%, and net loss to expand to CNY 1.125 billion due to a decline in sales of COVID-19 vaccines. After a challenging year in 2023, the bank believes that the company's financials will turn around in 2024 with the growth of MCV vaccine sales.</p>
<h3>Goldman Sachs: Downgrades Lyft to &#34;Neutral,&#34; raises target price to USD 15</h3>
<p>Goldman Sachs states that Lyft faces &#34;execution risks&#34; and that profit margins may be further affected by increasing insurance costs. Nevertheless, Goldman Sachs has raised its 12-month target price from USD 12 to USD 15. The bank believes that as the company begins to overcome the adverse factors caused by consumer price declines a year ago, revenue growth will accelerate again.</p>
<h3>Morgan Stanley: Lowers target price of Paypal to USD 66, downgrades rating to &#34;Neutral&#34;</h3>
<p>The bank states that the company has lagged behind in improving key strategic initiatives such as branded checkout. With slow progress in acceptance, the bank is less optimistic about PayPal's prospects for monetizing Venmo as a checkout tool widely used by Generation Z and Millennials. The bank believes that the competition between PayPal and Apple Pay will be a slow and challenging process, and will face challenges.</p>

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<p>Bank of America Merrill Lynch maintains a "buy" rating on BABA-SWR with a target price lowered to HKD 103; Goldman Sachs maintains a "buy" rating on MEITUAN with a target price lowered to HKD 151. Goldman Sachs believes that even if the stock price of MEITUAN falls close to the IPO price, it is due to market concerns about competition, and the market is overly pessimistic about its growth and profit prospects.</p>

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Rating Quick Look | BABA-SWR, MEITUAN target prices both lowered! What happened?