Goldman Sachs cut target price on Meituan to HK$235 from HK$275, rating kept at Buy

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Goldman Sachs pushed back its estimate of recovery timing of Meituan's businesses by roughly one year, in view of the epidemic resurgence in China during winter which impeded in-store activities, but with potential relaxation from the second quarter of 2023. 

Ahead of Meituan's results for the third quarter of 2023, Goldman Sachs forecast its revenue to gain 25% year over year and adjusted EBIT to break even. 

The bearishness amid pandemic was expected to persist . . .

 

 

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