TECH - Alibaba Rival PDD Has Major Upside with New Market Openings and Rising Adoption: Analysts | Benzinga
PDD Holdings Inc (NASDAQ:PDD) shares are trading higher after multiple analysts raised their price targets on the stock following the company's first-quarter results.
On Thursday, PDD reported fiscal first-quarter 2024 revenue growth of 131% year-on-year to $12.02 billion (86.81 billion Chinese yuan), beating the analyst consensus of $10.65 billion.
The Chinese online retailer's adjusted earnings per ADS of $2.83 (CNY20.72) increased from CNY6.92 Y/Y, beating the analyst consensus of $1.42.
Benchmark analyst Fawne Jiang maintained PDD Holdings with a Buy and raised the price target from $220 to $230.
Jiang said PDD reported another blowout quarter, with revenue more than doubled and profit almost tripled year over year, substantially beating consensus expectations.
The robust growth was bolstered by sustained high growth in the domestic marketplace and robust expansion of Temu internationally.
More importantly, despite the strong GMV growth, Temu's loss came down substantially, and its loss ratio narrowed notably to single ...