--- title: "Meituan Maintained At Overweight By Morgan Stanley On Long-Term Upside" type: "News" locale: "en" url: "https://longbridge.com/en/news/298680868.md" description: "Morgan Stanley maintained its Overweight rating and HK$110 target price for Meituan, citing long-term upside potential. The broker believes recent share-price weakness has corrected overly optimistic market expectations regarding food-delivery unit economics and in-store competition normalization. While acknowledging intense near-term competition from Douyin, Morgan Stanley expects Meituan's core competitiveness to remain intact with a 60% restaurant market share. It forecasts core local commerce operating profits of RMB14bn, RMB50bn, and RMB60bn for 2026-2028 respectively." datetime: "2026-09-11T04:45:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/298680868.md) - [en](https://longbridge.com/en/news/298680868.md) - [zh-HK](https://longbridge.com/zh-HK/news/298680868.md) generator: "portal-rs" --- # Meituan Maintained At Overweight By Morgan Stanley On Long-Term Upside Morgan Stanley said the market had been too optimistic on Meituan's food-delivery unit economics recovery and the normalization of competition in its in-store business, but recent share-price weakness has made expectations more reasonable and created an entry point, according to ETNet. The broker kept its forecast that food-delivery unit economics will recover to RMB1 per order next year and said the market has largely priced out concerns. It also said Meituan's long-term growth potential in other in-store businesses has not been fully reflected, leaving room for upside. Morgan Stanley maintained its Overweight rating and HK$110 target price. On competition, the broker said Douyin expanded aggressively in in-store dining in the first half of this year, narrowing the gap in gross merchandise value with Meituan, and expects competition to remain intense in the near term. It nevertheless expects Meituan's core competitiveness in other physical-store businesses to remain intact, with a 60% restaurant market share and continued share in other in-store businesses. Morgan Stanley said it remains confident in Meituan's long-term potential, but competition will pressure near-term profits. It forecast Meituan's core local commerce operating profit at RMB14 billion, RMB50 billion and RMB60 billion for 2026 to 2028. In e-commerce, it ranked Alibaba, Meituan, PDD and JD.com in that order. ### Related Stocks - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [PDD.US](https://longbridge.com/en/quote/PDD.US.md) - [09618.HK](https://longbridge.com/en/quote/09618.HK.md) - [JD.US](https://longbridge.com/en/quote/JD.US.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [89618.HK](https://longbridge.com/en/quote/89618.HK.md) ## Related News & Research - [Report: MEITUAN-W Plans to Issue Offshore RMB Bonds in Coming Weeks](https://longbridge.com/en/news/302523281.md) - [MEITUAN-W To Increase Pricing Weight for Harder Delivery Orders, Gradually Expand 'Red Light Timer Pause' Pilot Program](https://longbridge.com/en/news/301534664.md) - [Crypto Strategist Who Nailed 2025 Bitcoin Top Warns BTC Could Drop Below $70,000 – Here’s His Price Target](https://longbridge.com/en/news/302980144.md) - [Marqeta (MQ) Expands With Square And Coinbase, Is The Stock Still Undervalued?](https://longbridge.com/en/news/302983307.md) - [Is Shionogi (TSE:4507) Undervalued Following IDWeek 2026 Pipeline Updates?](https://longbridge.com/en/news/302974173.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**