0757 ET - Temu parent PDD Holdings' underperformance in 3Q weighed on its shares but there were key positive data points investors shouldn't lose sight of, according to Benchmark's Fawne Jiang and Long Lin in a research note. The analysts say the dismal 3Q was primarily due to slower-than-expected international growth and a profitability reset driven by increased domestic investments. PDD shares slid nearly 11% on Thursday. But key points investors should consider include the online marketplace's year-over-year growth that outperformed the industry and publicly traded peers, say the analysts. Benchmark maintains a buy rating on PDD but lowers the price target to $160 from $185 to reflect both earnings and multiple revisions. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
November 22, 2024 07:57 ET (12:57 GMT)
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