Morgan Stanley has decided to maintain its Equal-Weight rating of Pinduoduo PDD and raise its price target from $65.00 to $77.00.
Shares of Pinduoduo are trading up 5.47% over the last 24 hours, at $78.10 per share.
A move to $77.00 would account for a 1.41% decline from the current share price.
Pinduoduo is the third-largest e-commerce platform by gross merchandise volume and the largest platform by active buyer in China. In 2021, it achieved CNY 2,441.0 billion (USD 345 billion) of gross merchandise volume, and CNY 2,810 (USD 397) of annual spending per active buyer. It had 11.5 million active merchants in 2021 and 882 million active buyers in the year ended March 2022. It is one of the top two players in next-day grocery self-collect services (similar to community group purchasing), where groups of consumers place fresh food and grocery orders online and collect at designated self-collect points the next day with the help of "group leaders" in each community.
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