BUZZ-China's Meituan falls to 3-week low after quarterly earnings, price target cuts

Reuters03-24

** Shares of Meituan 3690.HK, China's largest food delivery firm, fall 5.3% to HK$158.8, their lowest point since March 4

** Stock on course for a fourth consecutive sessions of declines, if losses hold

** Stock set for the biggest one-day pct fall since February 28, and is top pct loser on the Hang Seng Index .HSI and the Hang Seng Tech Index .HSTECH, which are down 0.1% each

** Meituan posted fourth-quarter revenue on Friday, largely in line with estimates, and the firm said it would expand investments in technologies and applications such as AI, unmanned aerial delivery, and autonomous delivery vehicles

** CEO Wang Xing said on Friday in a post-earnings call that the company is pouring "billions" into chips used to train AI models, with more investment planned this year

** Nomura maintains "buy", but trims TP to HK$200 from HK$212, saying Meituan's core businesses remain solid and is increasing investment in overseas market and AI

** Jefferies keeps "buy", but cuts price target to HK$215 from HK$270, citing that adjusted net profit 9.85 bln yuan came in slightly below estimate of 9.9 bln yuan but says competitive moat is intact

** Stock up 6.5%, YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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investments in technologies and applications such as AI, unmanned aerial delivery, and autonomous delivery vehicles** CEO Wang Xing said on Friday in a post-earnings call that the company is pouring \"billions\" into chips used to train AI models, with more investment planned this year** Nomura maintains \"buy\", but trims TP to HK$200 from HK$212, saying Meituan's core businesses remain solid and is increasing investment in overseas market and AI ** Jefferies keeps \"buy\", but cuts price target to HK$215 from HK$270, citing that adjusted net profit 9.85 bln yuan came in slightly below estimate of 9.9 bln yuan but says competitive moat is intact ** Stock up 6.5%, YTD   (Reporting by Donny Kwok) 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