Morgan Stanley removes PDD Holdings (PDD) from “Top Pick” status as the firm thinks there could be increasing regulatory risks for the China Internet sector, including PDD, considering the investigation into food delivery platforms launched last week as well as the anti-monopoly investigation on Trip.com (TCOM) announced by SAMR yesterday. Additionally, slow consumption recovery and intense competition could lead to more uncertainties for China’s e-commerce platforms, including PDD, adds the analyst, who has an Overweight rating and $148 price target on PDD shares.
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