Published on 24 May 2024 on Benzinga
PDD Stock Soars as Goldman Sachs Upgrades Stock On Improved Temu Economics - PDD Holdings...
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.