Pinduoduo upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Eddy Wang upgraded Pinduoduo to Overweight from Equal Weight with a price target of $113, up from $77. The company will benefit from the "long-term consumption trend given" its low price user mind-share and its expansion of branded product coverage, making it a structural growth stock in China e-commerce, the analyst tells investors in a research note. The firm says the recent share price correction "presents a good entry point."