PDD Holdings (NASDAQ: PDD) stock is trading higher after Goldman Sachs analyst Ronald Keung upgraded the stock from Neutral to Buy and raised the price target from $145 to $184.
Following PDD’s significant beat, Keung lifted his near-term online marketing revenue growth and 2024-2026 group profit estimates by 25%- 43%, citing PDD’s sustained advertising revenue growth momentum in the first quarter and the faster turnaround of Temu unit economics on its business model shift.
The analyst noted that the market has now more than priced in the two critical concerns behind his earlier March 2024 downgrade.
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The concerns included potentially slower domestic take rate …
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