PDD Holdings price target lowered to $156 from $171 at Jefferies

Jefferies lowered the firm’s price target on PDD Holdings (PDD) to $156 from $171 and keeps a Buy rating on the shares after the company reported Q4 results. The investment in the platform ecosystem with a RMB 10B fee reduction, high quality merchants and logistics support benefit merchants and foster innovation, says the analyst, who believes the high base effect on earnings in Q1 is “known to the street” and expects earnings to enter a more normalized stage in the second half.