Macquarie analyst Ellie Jiang lowered the firm’s price target on PDD Holdings (PDD) to $126 from $153 and keeps an Outperform rating on the shares. The firm attributes the Q1 2025 miss to lower Temu sales amid geopolitical turbulence, and increased support to domestic merchants. Considering certain subsidies related to trade-in program categories, spending could rationalize towards year-end 2025, Macquarie says.
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