These Analysts Boost Price Targets On Pinduoduo Following Upbeat Q3 Results

Pinduoduo Inc PDD reported better-than-expected Q4 results.

Pinduoduo reported third-quarter FY22 revenue growth of 65% year-on-year to $4.99 billion, beating the consensus of $4.31 billion. Non-GAAP earnings per ADS of $1.21 beat the consensus of $0.65.

Pinduoduo shares jumped 5.8% to $ 78.32 on Tuesday. The company’s stock added 12.6% on Monday.

These analysts made changes to their price targets on Pinduoduo following the release of quarterly results.

• Macquarie raised the price target on the stock from $104 to $122. Macquarie analyst Ellie Jiang maintained an Outperform rating on the stock.
• Citigroup boosted Pinduoduo price target from $79 to $111. Citigroup analyst Alicia Yap maintained a Buy rating on the stock.
• Morgan Stanley lifted the price target on Pinduoduo from $65 to $77. Morgan Stanley analyst Eddy Wang maintained an Equal-Weight rating on the stock.
• Benchmark raised the price target on Pinduoduo from $107 to $112. Benchmark analyst Fawne Jiang maintained the stock with a Buy.