HSBC Global Research raised the target price for Tingyi (00322) to HKD10.4 from HKD9.7 and downgraded the rating to "hold" from "buy".
The research house said it lowers revenue estimates by 0.9% in 2024, 1.5% in 2025, and 1.8% in 2026, given the slower recovery in the instant noodle industry.
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