Goldman Sachs upgraded PDD Holdings to Buy from Neutral with a price target of $184, up from $145. Following PDD’s “significant beat,” the firm lifted its near-term online marketing revenue growth and 2024-26 group profit estimates by 25%-43% on the back of PDD’s sustained advertising revenue growth momentum in Q1 and faster turnaround of Temu unit economics on its business model shift, the analyst tells investors.
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