PDD Holdings price target raised to $160 from $128 at Benchmark

Benchmark raised the firm’s price target on PDD Holdings (PDD) to $160 from $128 and keeps a Buy rating on the shares after the company reported a moderate Q2 revenue beat and profitability significantly outpaced expectations. With Q2 results indicating early signs of competitive strength and a more disciplined balance between growth and spending, the firm has raised its earnings forecasts, but adds that earnings visibility is likely to drive continued volatility in upcoming quarters.