BUZZ-China's Meituan climbs as brokerages lift target price after Q1

Reuters06-11

** Shares of China's food delivery giant Meituan climb 2.6% to HK$113.30, on course for the biggest one-day pct rise since June 4

** Stock is the biggest pct gainer on Hang Seng Index and Hang Seng China Enterprises Index , second biggest on Hang Seng Tech Index

** Citi reiterates "buy" and raises target price to HK$140 from HK$134 saying 1Q24 results is stronger-than-expected, expects Meituan to continue to deliver solid financial performance despite macro headwinds

** HSBC maintains "buy" rating on the stock and raises target price to HK$170 from HK$165, on better earnings outlook across all segments with enough liquidity to cover debt obligations while convertible bond issuance is unlikely

** Nomura keeps "buy" rating and lifts target price to HK$135 from HK$129 on improving earnings outlook

** Jefferies maintains "buy" and raises target price to HK$135 from HK$125

** Hang Seng Tech Index eases 1.3%, Hang Seng China Enterprises Index falls 1.6%, and Hang Seng Index

drops 1.7%

** Stock up 37% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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