PDD Holdings Gets Price Target Hikes By Analysts Following Better-Than-Expected Q1 Results

PDD Holdings Inc PDD reported better-than-expected first-quarter financial results.

PDD reported first-quarter FY23 revenue growth of 58% year-on-year to $5.48 billion, beating the consensus of $4.53 billion. Non-GAAP earnings per ADS of $1.01 beat the consensus of $0.54.

PDD shares jumped 19% to close at $71.42 on Friday and added 2.8% in today’s pre-market trading session.

These analysts made changes to their price targets on PDD following earnings announcement.

• Jefferies raised the price target on PDD Holdings from $75 to $79. Jefferies analyst Thomas Chong maintained a Hold rating.
• Citigroup boosted the price target on PDD Holdings from $100 to $105. Citigroup analyst Alicia Yap maintained a Buy rating.
• B of A Securities increased PDD Holdings price target from $95 to $97. B of A Securities analyst Joyce Ju maintained a Buy rating.
• JP Morgan analyst Andre Chang, meanwhile, reiterated PDD Holdings with an Overweight and maintained a $110 price target.

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