Alibaba Rival Pinduoduo Gets Bullish Nod from Goldman Sachs Backed By Temu's Potential
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs analyst Ronald Keung has upgraded PDD Holdings Inc (Pinduoduo) from Neutral to Buy with a $129 price target. This is due to PDD's significant 2Q earnings beat, driven mainly by domestic online ad revenue, and its success in blockbuster SKUs/SME merchant focus. Keung also lifted his PDD FY23E central platform EBIT forecasts. Despite aggressive strategies from Alibaba, Pinduoduo maintains a strong presence in the Chinese eCommerce platforms.
August 30, 2023 | 3:42 pm
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NEGATIVE IMPACT
Despite aggressive strategies from Alibaba, Pinduoduo maintains a strong presence in the Chinese eCommerce platforms.
The news indicates that despite aggressive strategies from Alibaba, Pinduoduo is maintaining a strong presence in the Chinese eCommerce platforms. This could potentially impact Alibaba's market share and stock price negatively in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Pinduoduo has been upgraded from Neutral to Buy by Goldman Sachs, with a price target of $129. This is due to strong 2Q earnings and a robust presence in the Chinese eCommerce market.
The upgrade by Goldman Sachs is a strong positive signal for Pinduoduo. The analyst cites strong 2Q earnings and a robust presence in the Chinese eCommerce market as reasons for the upgrade. This could lead to increased investor confidence and a potential increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100