Jefferies Research raised its target price for Meituan Dianping (03690) to HK$121 from HK$92 and maintained its "buy" rating.
The research house expects Meituan to demonstrate strong execution capabilities in pursuing its "food plus platform strategy" with improving fundamentals in its core business.
In 3Q, Jefferies expects food delivery to achieve break-even on better-than-expected weather in September while using couponing to drive engagement and acquire new customers. It expects instore and hotel to post better-than-expected margin in 3Q on execution and less than expected reinvestments.
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