Macquarie analyst Ellie Jiang upgraded PDD Holdings to Outperform from Neutral with a price target of $224, up from $126. The firm sees “more upside from here” for the China internet sector, saying multiples still trade at only half of Q1 2023 levels “with materially better fundamentals.” Aligning the valuation year to 2025 given China’s stimulative policy steps, along with “prudent corporate strategies, enhances sector earnings visibility,” the analyst tells investors in a research note. Macquarie says local services, e-commerce and travel stand out as key “quality at discount” picks.
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