PDD Holdings price target raised to $146 from $121 at Jefferies

Jefferies analyst Thomas Chong raised the firm’s price target on PDD Holdings (PDD) to $146 from $121 and keeps a Buy rating on the shares following the Q2 report. PDD reported in-line revenue with an earnings beat on less than expected expenses, the analyst tells investors in a research note. The firm believes the company’s RMB 100B support program will help its global expansion and increase trust from customers.