PDD Holdings price target raised to $220 from $215 at Benchmark

Benchmark analyst Fawne Jiang raised the firm’s price target on PDD Holdings to $220 from $215 and keeps a Buy rating on the shares after the company reported “yet another blowout quarter” despite elevated expectations. Domestically, the firm anticipates PDD continues to take market share and has raised its FY24 domestic revenue growth projection to 25% year-over-year from 20%, while internationally it has raised its FY24 Temu GMV growth projection to 120% from 71% year-over-year, the analyst tells investors.