Jefferies analyst Thomas Chong lowered the firm’s price target on PDD Holdings (PDD) to $121 from $156 and keeps a Buy rating on the shares. PDD’s Q1 results included EPS, revenue, and non-GAAP operating profit that was below expectations, the analyst tells investors in a research note. A slowdown in growth is inevitable as highlighted in previous earnings calls amid intensifying competitive landscape and uncertainties in macro environments, the firm says.
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