Pinduoduo price target lowered to $100 from $110 at UBS

UBS analyst Jerry Liu lowered the firm’s price target on Pinduoduo (PDD) to $100 from $110 and keeps a Buy rating on the shares. The Q4 miss reflected the slower consumption recovery both Alibaba (BABA) and JD (JD) saw, but UBS believes overall e-commerce trends are improving in February and March, based on UBS Evidence Lab data, the analyst tells investors in a research note. The firm is modeling 21.4% GMV growth for PDD this year in China, about double that of Alibaba and JD.