PDD Holdings downgraded to Market Perform at Bernstein on lack of growth

As previously reported, Bernstein analyst Robin Zhu downgraded PDD Holdings (PDD) to Market Perform from Outperform with a price target of $135, down from $140, primarily citing the view that the domestic business is maturing. Recent non-growth in DAUs and time spent “feels problematic for a business model reliant on top funnel dominance,” the analyst tells investors.