PDD Holdings price target lowered to $160 from $185 at Benchmark

Benchmark analyst Fawne Jiang lowered the firm’s price target on PDD Holdings (PDD) to $160 from $185 and keeps a Buy rating on the shares following Q3 results that were moderately below expectations. The firm thinks the significant sell-off yesterday post-earnings was primarily due to slower-than-expected international growth and a profitability reset driven by increased domestic investments, says the analyst, who expects PDD to continue gaining market share domestically and sees international growth as seeming to have been “entirely discounted” at the current valuation.