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<Research>BofAS Drops MEITUAN-W's TP to HKD136, Reiterates Buy Rating
Recommend 12 Positive 28 Negative 7 |
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Since Taobao Instant Commerce's launch of a RMB50 billion subsidy plan at the beginning of the month, competition in China's food and instant delivery market has intensified sharply over the past weekend, according to a research report by BofA Securities. MEITUAN-W (03690.HK) and Taobao recorded daily order volumes of 120 million and 80 million, respectively, with growth mainly driven by high subsidies. BofA Securities cut its target price for MEITUAN-W from HKD155 to HKD136, reiterating a Buy rating. AAStocks Financial News |
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