** Shares of China's leading food delivery group Meituan 3690.HK fall as much as 5.5% to HK$122.3, their lowest levels since September 16, 2024
** Meituan on Monday reported a 46% rise in first-quarter net profit, but warned that the second quarter would likely be hit by increased competition in so-called "instant retail"
** UOB Kay Hian downgrades Meituan rating to "hold" from "buy" and cuts TP to HK$140 from HK$216
** "For 2025, we turn cautious on Meituan and expect to see margin pressure stemming from intense competition in the FD business" - UOB
** Citi maintains "buy" but trims TP to HK$192 from HK$204 saying Meituan guided 2Q25 core local commerce revenues to decelerate from 1Q25 and expects operating profit for core local commerce to decline significantly yoy
** Jefferies keeps "buy" but cut PT to HK$185 fron HK$215
** Hang Seng Consumption Index .HSCGSI rises 1.2%, Hang Seng Index .HSI gains 0.1%
** YTD, stock down 14.7%
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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