Why Pinduoduo Stock Jumped Today
Shares of Pinduoduo (NASDAQ: PDD) leaped 12.7% on Friday, following a series of analyst upgrades and price target hikes.
Following the Chinese social commerce platform's stronger-than-expected third-quarter financial results, Bank of America analyst Joyce Ju upgraded her rating on Pinduoduo's stock from neutral to buy and placed a $150 price target on its shares. JPMorgan analyst Alex Yao also upgraded the stock from neutral to overweight and doubled his price forecast to $160. Meanwhile, KeyBanc analyst Hans Chung reiterated his overweight rating and boosted his share price estimate from $110 to $160.
Pinduoduo stock price continued its ascent on Friday. Image source: Getty Images.
Source Fool.com
