Why PDD Holdings Stock Jumped (Again) Today
Shares of PDD Holdings (NASDAQ: PDD) climbed 4% to a fresh 52-week high on Thursday following several bullish analyst notes regarding the parent company of Chinese online retailer Pinduoduo.
PDD enjoyed price target upgrades from several analyst firms between yesterday after the market closed and early this morning. J.P. Morgan raised its target to $180 from $120, Bernstein raised its target to $170 from $120, raised its target to $173 from $153, and Benchmark raised its target to $190 from $140. Shares of PDD stock closed today at just above $147 per share.
The timing of the upgrades is no coincidence; shares also rallied yesterday as several other analysts upgraded their respective ratings on PDD stock after the company's third-quarter 2023 results absolutely crushed expectations. PDD's quarterly revenue soared 94% year over year to 68.8 billion yuan, or roughly $9.4 billion, while net income climbed 47% to 15.5 billion yuan, or 11.61 yuan per American depositary share. Leading up to the report, most analysts were only modeling earnings of 8.39 yuan per share on revenue closer to 54 billion yuan.
Source Fool.com
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