JPMorgan lowered the firm’s price target on PDD Holdings (PDD) to $105 from $125 and keeps a Neutral rating on the shares. The firm believes the company’s “sharp plunge” in margins will leave the share price consolidating until the Q2 results draws close in late August, similar to what happened post the Q3 of 2024 result, as it will be hard for the market to form consensus earnings. JPMorgan reduced estimates on PDD, driving the target cut.
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