Benchmark analyst Fawne Jiang raised the firm’s price target on PDD Holdings to $140 from $125 and keeps a Buy rating on the shares following its report of “blowout” Q2 results. The firm, which attributes the outsized growth to the resilient and improving consumer demand on value-for-money products and the benefit of PDD’s strategic investments, argues that the improving growth outlook upon solid execution is “undeniable” and has raised its FY23 and FY24 estimates “accordingly.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on PDD:
- PDD Holdings upgraded to Buy at Goldman Sachs after Q2 earnings beat
- PDD Holdings upgraded to Buy from Neutral at Goldman Sachs
- PDD Holdings price target raised to $120 from $110 at JPMorgan
- PDD Holdings price target raised to $120 from $105 at Bernstein
- PDD Holdings price target raised to $115 from $103 at Barclays