[Luckin Coffee (LKNCY US, BUY, TP US$43) TP Change]: Economies of Scale Brings Margin Improvement

320 Views02 Aug 2023 17:10

Luckin Coffee reported 2Q23 revenue beat our est. by 7.5%, and non-GAAP NI beat our estimate by 84.1%. We maintain the stock as BUY rating and raise TP by US$5.5 to US$43/ADS.

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