Pinduoduo price target raised to $84 from $70 at Barclays

Barclays analyst Jiong Shao raised the firm’s price target on Pinduoduo to $84 from $70 and keeps an Overweight rating on the shares. Following 36% year-over-year revenue growth in Q2 when the highly restrictive two-month lockdown in Shanghai happened, Pinduoduo reported 65% year-over-year revenue growth for Q3 "when some of its larger peers delivered quite modest growth, at best," Shao tells investors in a research note.