Following yesterday's closing up 4.4wsopfreepoker.45% afterwsopfreepoker, PDD.US rose another 1.5% to $155.95 before the market today.
Pinduoduo recently announced its financial report that Q1 revenue in 2024 was 86.81 billion yuan, a year-on-year increase of 131%, far exceeding market expectations of 75.6 billion yuan, mainly driven by increased revenue from online marketing services and transaction services; Adjusted net profit was 30.60 billion yuan, a year-on-year increase of 202%, far exceeding market expectations of 15.53 billion yuan; adjusted revenue per ADS was 20.72 yuan, far exceeding market expectations of 10.54 yuan. After the results were announced, many investment banks raised their target prices for Pendou. Among them:
- UBS raised its target price for PIDO from US$248 to US$272, maintaining its "Buy" rating;
- Morgan Stanley said that Pinduoduo's first quarter results were strong and believed that Pinduoduo was currently undervalued, so it raised its target price from US$181 to US$220, with an "overweight" rating;
- Samsung Motor Co., Ltd. raised its target price to US$220, reiterating its "increase in holdings" comment;
- China Merchants Securities (600999) raised its target price of Pinduoduo to US$211, maintaining its "overweight" rating;
- Lyon said Pendodo's first-quarter results far exceeded expectations, raised its target price from US$180 to US$190, maintaining its "Buy" rating.