<h3>Deutsche Bank: Downgrades Apple to &#34;Hold&#34; rating with a target price of $180</h3>
<h3>Morgan Stanley: Maintains &#34;Overweight&#34; rating on Tesla with a target price of $320</h3>
<p>Analysts believe that the cooperation between Tesla and CATL may &#34;change the rules of the game,&#34; and their partnership will bring new momentum to the U.S. electric vehicle market.</p>
<h3>Wedbush: Lowers Tesla's target price from $315 to $300 to reflect declining deliveries</h3>
<h3>Bernstein: Lowers Tesla's target price from $150 to $120</h3>
<p>&#34;Compared to traditional and high-growth automakers, Tesla's stock price remains high on almost all valuation metrics, and relative to tech companies, its stock price looks expensive given its downward growth expectations.&#34;</p>
<p>Bernstein stated that despite the significant drop in Tesla's stock price, its valuation still carries a huge premium compared to other automakers, being six times that of other car manufacturers. This is because Tesla historically had much higher growth rates, but the situation is different now.</p>
<h3>Citic Securities: Sets Pinduoduo's target price at $180</h3>
<p>The bank pointed out that Pinduoduo's quarterly revenue and profit doubled year-on-year. Pinduoduo's performance in the fourth quarter of 2023 was strong. Total revenue increased by 123% year-on-year to 88.9 billion RMB, exceeding expectations by 15.6%. Adjusted pre-tax profit increased by 111.9% year-on-year to 24.6 billion RMB, exceeding expectations by 56.6%. Pinduoduo's market share in China and overseas e-commerce markets continues to grow.</p>
<p>The bank stated that China's domestic goods transaction volume (GMV) may increase by +20% year-on-year, conversion rate +6%, and profit margin around 3%. With regional expansion, Pinduoduo's overseas version Temu's GMV has also reached 8-9 billion USD. By 2024, Europe, Japan, and South Korea may become bigger growth drivers for Temu.</p>
<p>The bank believes that Pinduoduo can maintain +90% revenue growth and +30% adjusted net profit growth in the first quarter of 2024.</p>
<h3>CICC: Raises Meituan's target price by 19.35% to HK$111</h3>
<p>The bank pointed out that Meituan's revenue in the fourth quarter of 2023 increased by 23% year-on-year, slightly higher than the bank's/Bloomberg market expectations, with core business/new business growing by 27%/11%. The core business's adjusted operating profit margin decreased year-on-year due to a decrease in AOV for delivery and flash sales, as well as an increase in user subsidies and marketing expenses; the new business's loss rate narrowed year-on-year.</p>
<p>Externally, it is expected that in 2024, order volume/revenue growth rate will be 13%, with a decrease in AOV leading to a commission income growth rate lower than the order volume, but this will be partially offset by the advertising monetization part; UE is also affected by AOV, but considering the optimization of subsidy strategies, it is expected to maintain the 1.2 yuan/order in 2023. The bank holds an optimistic view on the competition in the food delivery industry, with Meituan still maintaining a leading market share.</p>
<p>Regarding flash sales, it is expected that the average daily orders in 2024 will be 8.7 million, accounting for 13% of the total orders, maintaining a slight loss (adjusted operating profit margin -2%). For in-store services, although industry competition remains fierce in 2024, the bank believes that the market structure may stabilize, maintaining the expectation that the in-store profit margin will recover to 35% by 2025
Taking into account the investment in offline business in 2024 and the beginning of a reduction in losses for community group buying, the bank believes that the company's performance in 2025 may reflect the actual value of Meituan. The bank gives a 15 times P/E ratio for local businesses in 2025 and considers a 0.5 times P/S ratio for new businesses, excluding community group buying business, discounting the target price for 2024 to HKD 111</p>

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<p>CICC raised Meituan's target price by 19.35% to HKD 111, believing that the company's performance in 2025 may reflect Meituan's actual value; Citi Research gave Pinduoduo a target price of USD 180, believing that the company can maintain a +90% revenue growth and +30% adjusted net profit growth in the first quarter of 2024</p>

Rating Quick Look | Meituan's target price significantly raised! Apple's rating, Tesla's target price downgraded