Nomura raises target for Meituan stock to HKD 118
Published on 10/01/2026 at 14:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Nomura raised its target for Meituan stock from HKD 109 to HKD 118 on September 3, 2026, while maintaining a Buy rating, according to Futunn. The change puts renewed attention on whether Meituan can convert its second-quarter recovery into durable earnings growth.
Second-quarter revenue accelerates
Meituan generated RMB 104.64 billion in revenue in the second quarter of 2026, up 14.40 percent from RMB 91.49 billion in the second quarter of 2025, according to Futunn. The interim report also showed first-half 2026 revenue of RMB 195.68 billion, an increase of 10.10 percent from the comparable period.
The earnings mix improved alongside the top line. Operating profit reached RMB 2.70 billion in the second quarter of 2026, compared with RMB 0.20 billion in the second quarter of 2025, while adjusted net profit reached RMB 2.52 billion, according to Meituan.
Profit recovery meets competition
Core Local Commerce delivered RMB 71.50 billion of revenue in the second quarter of 2026, up 10.10 percent year over year, and operating profit reached RMB 5.70 billion. The segment result contrasts with the RMB 2.00 billion operating loss in the first quarter of 2026, making profitability the key test behind the higher analyst target.
Competition remains a material variable for the forecast. Longbridge reported on September 11, 2026, that Morgan Stanley kept an Overweight rating and an HKD 110 target, while forecasting food-delivery unit economics of RMB 1.00 per order next year. That target is lower than Nomura's HKD 118 level and highlights the spread between near-term margin caution and longer-term recovery expectations.
Hong Kong price remains below targets
Meituan traded at HKD 71.70 on the Hong Kong Stock Exchange on September 30, 2026, up 1.77 percent from the prior close of HKD 70.45. Its 52-week range was HKD 63.65 to HKD 108.00, placing the latest price HKD 36.30 below the high and HKD 8.05 above the low.
Meituan stock facts
- Company: Meituan
- Ticker: 3690
- Primary exchange: Hong Kong Stock Exchange
- Price: HKD 71.70 on September 30, 2026
- Change versus prior close: plus 1.77 percent
- Prior close: HKD 70.45
- Market capitalization: HKD 442.5 billion as of October 1, 2026
- 52-week range: HKD 63.65-108.00
- Sector / Industry: Consumer Cyclical / Specialty Retail
