PDD Holdings price target raised to $140 from $125 at Benchmark

Benchmark analyst Fawne Jiang raised the firm’s price target on PDD Holdings to $140 from $125 and keeps a Buy rating on the shares following its report of “blowout” Q2 results. The firm, which attributes the outsized growth to the resilient and improving consumer demand on value-for-money products and the benefit of PDD’s strategic investments, argues that the improving growth outlook upon solid execution is “undeniable” and has raised its FY23 and FY24 estimates “accordingly.”