JPMorgan upgrades Miniso on recovery in China same-store-sales

JPMorgan upgraded Miniso (MNSO) to Overweight from Neutral with a price target of $22, up from $15. The shares are down 24% year-to-date, mainly due to market concerns on its China performance and 29% equity acquisition of Yonghui, the analyst tells investors in a research note. The firm expects Miniso’s China same-store-sales growth to recover and sees a “robust” overseas expansion for the company along with better margins. Miniso remains optimistic on achieving faster revenue growth than 2024, driven by faster growth in each business unit, the analyst tells investors in a research note.