Morgan Stanley analyst Eddy Wang raised the firm’s price target on PDD Holdings to $120 from $110 and keeps an Overweight rating on the shares. Strong OMS revenue growth in Q2 implies both strong GMV growth and sustainable take rate improvement as PDD’s “strong value-for-money mindshare among consumers led to much stronger consumption on its platform” than on peers’, the analyst tells investors. The firm expects this growth gap to sustain in the second half and onwards, the analyst added.
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