Pinduoduo price target lowered to $95 from $108 at BofA

BofA analyst Joyce Ju lowered the firm’s price target on Pinduoduo to $95 from $108 and keeps a Buy rating on the shares after the company reported "mixed" Q4 results. The firm, which lowered its estimates to reflect Q4 actual results and a softer post-pandemic macro outlook for overall economy, now forecasts FY23 revenue growth of 26% and non-GAAP net profit of RMB44B.