<h3>CMB Securities: Raises Meituan's target price from HKD 148 to HKD 151, rating &#34;Hold&#34;</h3>
<p>The report points out that Meituan maintained robust revenue growth in the first quarter, up 25% year-on-year to RMB 73 billion, exceeding expectations by 6%. Adjusted net profit was RMB 7.5 billion, a 36% year-on-year increase, exceeding expectations by 25%.</p>
<p>For Meituan's revised forecast for the second quarter of this year, the bank expects group revenue to grow by 18% year-on-year, with core local business revenue increasing by 16%. This growth is mainly driven by a strong 39% year-on-year growth in Meituan's flash purchase business and a 22% year-on-year growth in the in-store travel business. Overall instant delivery business revenue is expected to grow by 14% year-on-year, driving adjusted net profit to grow by 29% year-on-year, with a net profit margin of 12.4% (an increase of 1.1 percentage points year-on-year).</p>
<p>The bank sees several factors supporting the improvement in profit margins, including the efficiency improvement in the takeaway business supporting operating profit growth and order growth, easing competitive pressures in the in-store travel business, and Meituan's better-than-expected reduction in losses in Meituan Select. The bank believes that the strong performance in the first quarter still confirms Meituan's competitive barriers.</p>
<h3>Goldman Sachs: Gives NIO-SW a &#34;Neutral&#34; rating with a target price of HKD 32</h3>
<p>The company's first-quarter net profit fell short of expectations, but management indicated a strong performance in the next quarter. Monthly sales are steadily increasing, and sales strategies will be more flexible to ensure market position, differing from the earlier inclination towards a more resilient pricing strategy.</p>
<p>The bank expects NIO to focus on sales in the second half of the year, thus raising revenue forecasts for 2024 to 2026 by 7% to 13%. However, the bank also expects sales and promotional expenses for the full year to increase by 20% year-on-year to RMB 15 billion, as the group expands the sales team and store network for NIO and ONVO brands to further drive sales growth. Therefore, the bank has raised its non-GAAP net loss forecasts for 2024/25/26 to RMB 15 billion, RMB 15 billion, and RMB 12 billion respectively.</p>
<h3>Citi: Maintains &#34;Sell&#34; rating for HKEX, raises target price from HKD 220 to HKD 240</h3>
<p>The report mentions that considering the trading volume of Hong Kong stocks in the past two months, the bank has raised its earnings per share forecasts for HKEX for the fiscal years 2024 to 2026 by 5% to 6%. With the improvement in market sentiment, the bank has raised its daily average turnover forecasts for the fiscal years 2024 to 2026 by 9% to 11%, to HKD 115 billion, HKD 128 billion, and HKD 141 billion respectively.</p>
<h3>Citi: Lowers Adobe's target price from USD 554 to USD 529, maintains &#34;Neutral&#34; rating</h3>
<h3>Evercore: Raises Alphabet's target price from USD 220 to USD 225</h3>

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<p>CMB Securities has raised Meituan's target price from HKD 148 to HKD 151, believing that the strong performance in the first quarter still confirms Meituan's competitive moat. The bank sees several driving factors supporting the improvement in profit margins, including the efficiency improvement in the food delivery business supporting operating profit growth and order volume growth, the easing of competitive pressure in the in-store hotel and travel business, and Meituan's better-than-expected reduction in losses in Meituan Select</p>

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Rating Quick Look | Meituan's target price raised after performance! Google, NIO are optimistic