[ET Net News Agency, 22 January 2025] Morgan Stanley lowered the target price for TUHU
(09690) to HKD22 from HKD24 and maintained the "overweight" rating.
The research house said it cuts Tuhu's 2024-26 earnings estimates by 3-14%, to reflect
lower ASP due to more sales of proprietary brands, as well as lower gross margin due to
price discounts. (rc)