Pinduoduo price target raised to $112 from $107 at Benchmark

Benchmark analyst Fawne Jiang raised the firm’s price target on Pinduoduo to $112 from $107 and keeps a Buy rating on the shares after the company reported a "blowout" Q3. Jiang notes that Pinduoduo is still a growth-focused company with eyes on various investment areas that "could still swing" profiability from quarter to quarter, but she is positive on the long-term operating leverage strength and has raised her FY22 and FY23 estimates "accordingly," she tells investors.