Pinduoduo price target raised to $77 from $65 at Morgan Stanley

Morgan Stanley analyst Eddy Wang raised the firm’s price target on Pinduoduo to $77 from $65 and keeps an Equal Weight rating on the shares after the company’s Q3 results beat the firm’s estimates on both the top and bottom lines. He expects Pinduoduo’s revenue growth momentum to be sustained into Q4 off an easier base, citing greater promotional activity during this year’s Double 11 and increasing brand and merchant activities, Wang tells investors.