PDD Holdings Gets Price Targets Cuts By Analysts Following Sales Miss

PDD Holdings Inc. PDD posted downbeat sales for its fourth quarter.

PDD Holdings reported fourth-quarter FY22 sales growth of 46% year-on-year to $5.77 billion, missing the consensus of $5.95 billion. Non-GAAP earnings per ADS of $1.21 matched the consensus estimate.

Alphabet Inc GOOG Google, meanwhile, suspended PDD’s main Chinese shopping app, Pinduoduo, after discovering malware in unsanctioned versions of the software.

PDD Holdings shares fell 14.2% to close at $78.91 on Monday.

These analysts made changes to their price targets on PDD Holdings following the release of results.

• Benchmark cut the price target on PDD Holdings from $112 to $106. Benchmark analyst Fawne Jiang maintained a Buy rating.
• UBS lowered the price target on PDD Holdings from $110 to $100. UBS analyst Jerry Liu maintained a Buy rating.
• HSBC lowered the price target on PDD Holdings from $118 to $115. HSBC analyst Charlene Liu maintained a Buy rating.