Pinduoduo price target raised to $111 from $79 at Citi

Citi analyst Alicia Yap raised the firm’s price target on Pinduoduo to $111 from $79 and keeps a Buy rating on the shares. The company delivered "another quarter of substantial beat" in revenue and profit, attributed to higher merchant activities on growing consumer demand and supported by improved technology matching capabilities, Yap tells investors in a research note. The analyst sees Pinduoduo "as an alpha play for higher risk appetite investors."