<h3>Morgan Stanley: Maintains &#34;Equal-weight&#34; rating on Meituan, target price raised from HKD 85 to HKD 100</h3>
<p>The report indicates that Meituan's last quarter performance exceeded expectations, and the stock price has largely reflected the positive factors. Meituan has committed to significantly reduce losses this year, addressing investors' most concerned issue, but attention still needs to be paid to transaction growth and competitive prospects. The bank expects Meituan's first quarter and full-year revenue to be RMB 70 billion and RMB 323 billion respectively, with year-on-year growth of 20% and 17%, and corresponding adjusted operating profits of RMB 5.5 billion and RMB 33.5 billion, representing a 24% and 81% increase year-on-year.</p>
<p>Morgan Stanley stated that it roughly maintains Meituan's revenue forecast unchanged, but raises the forecast for non-IFRS operating profit for 2024 to 2026 by 10% to 21%, taking into account new measures to reduce losses. Meituan's current stock price corresponds to a P/E ratio of 15 times and 11 times for this year and next year, believing that Meituan's recent strong stock price reflects expectations of narrowing losses and robust performance in core business.</p>
<h3>Citi: Maintains &#34;Buy&#34; rating on Meituan-W, target price raised from HKD 113 to HKD 128</h3>
<p>The bank raised its revenue forecasts for Meituan for the next two years by 3.6% and 4% respectively, and raised profit forecasts by 41.8% and 21% respectively to reflect last year's fourth quarter performance and management's comments on first quarter performance.</p>
<p>The bank pointed out that Meituan integrates food delivery, dining in-store, hotels and travel, platforms, and R&amp;D under the same leadership to improve institutional efficiency to better support the long-term development of core local businesses. Management also promised strategic changes and adjustments to significantly narrow Meituan's preferred losses. The company plans to improve user experience before expanding scale and market share.</p>
<h3>UBS: Gives Meituan a &#34;Buy&#34; rating, target price raised from HKD 133 to HKD 135</h3>
<p>The report indicates that Meituan's last quarter performance exceeded expectations, with revenue 2% higher than expected, and adjusted operating and net profits 34% and 25% higher than UBS's expectations. Following the performance announcement, UBS raised Meituan's earnings per share forecasts for the next two years by 9% and 2% respectively, mainly due to the accelerated narrowing of Meituan's preferred loss expectations.</p>
<p>UBS stated that they continue to be optimistic about Meituan, and if competition with Douyin in-store eases further in the second half of this year and next year, Meituan will provide upside potential, including profit margins (reduced subsidies), delivery commissions (currently 4% lower than in 2019), and valuation multiples.</p>
<h3>Haitong International: Maintains &#34;Outperform&#34; rating on Tencent, target price raised from HKD 407 to HKD 430</h3>
<p>The report predicts that Tencent will maintain high-quality growth in 2024, with further expansion of gross profit margin. The advertising business is seen as the fastest-growing market driving overall revenue growth for the company, while in the gaming business, new game strategies are expected to take effect starting in the second quarter of this year.</p>
<h3>Mizuho: Downgrades Tesla to &#34;Neutral&#34;, target price $195</h3>
<h3>Citi: Lowers target price for Li Auto from $57.3 to $48.5</h3>
<h3>Citi: Raises target price for XPeng from $28 to $29</h3>

<p>Morgan Stanley raised Meituan's target price from HKD 85 to HKD 100, believing that Meituan's recent strong stock price reflects expectations of narrowing losses and solid core business performance; UBS also remains optimistic about Meituan, stating that if competition with Douyin eases further in the second half of this year and next year, Meituan will have room for upside potential</p>

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Rating Quick Look | Meituan, Tencent's target price raised after performance! Tesla, Li Auto face "price cuts"