Goldman Sachs upgraded PDD Holdings to Buy from Neutral with a price target of $129, up from $99, following what the firm calls a “significant” Q2 earnings beat, driven mostly from domestic online ad revenue being up 50% year-over-year. The firm’s prior Neutral view was predicated on concerns about the rise in Temu loss drag that may lead to an overall decline in group earnings in 2023, but the strong Q2 beat, “despite one of the industry’s most intense 618 campaigns,” has led Goldman to upwardly reset its Pinduoduo main platform take rate and margin expectations, the analyst tells investors.
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Read More on PDD:
- PDD Holdings price target raised to $120 from $105 at Bernstein
- PDD Holdings price target raised to $115 from $103 at Barclays
- PDD Holdings price target raised to $114 from $95 at CLSA
- PDD Holdings price target raised to $125 from $110 at Citi
- PDD Holdings price target raised to $112 from $97 at BofA
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