Goldman Sachs issued a report on August 29, stating that Meituan's second quarter profits far exceeded expectations and that the competition in the offline business has further improved, with continuous narrowing losses in new business. The bank expects that due to strong performance and a promising outlook, the stock price will have a positive reaction after the release of the financial results. Goldman Sachs raised its adjusted EBIT growth forecast for Meituan's core local commerce for the fiscal year 2024 to 27%, up from the previous forecast of 14%, mainly due to the continued growth in food delivery orders, better-than-expected unit economics of food delivery, as well as expected adjusted EBIT growth rates of 17% to 19% for the whole year in offline, hotel, and travel businesses, up from the previous forecast of 10%. Goldman Sachs raised its target price for Meituan from HK$148 to HK$157 and maintained its "buy" rating.