PDD Holdings price target raised to $241 from $226 at DBS Bank

DBS Bank analyst Tsz Wang Tam raised the firm’s price target on PDD Holdings to $241 from $226 and keeps a Buy rating on the shares following the Q1 report. The analyst says the company’s overseas expansion is a new catalyst. The firm expects the share price to react positively to the strong revenue and earnings in Q1. The outperformance was mostly due to its overseas business expansion as well as its low price strategy, the analyst tells investors in a research note.