Oppenheimer analyst Bo Pei CFA assigned a Buy rating to Pinduoduo (PDD) today and set a price target of $150.00. The company’s shares closed last Friday at $148.10, close to its 52-week high of $155.61.
According to TipRanks.com, CFA is a 1-star analyst with an average return of -4.1% and a 38.9% success rate. CFA covers the Technology sector, focusing on stocks such as Tencent Music Entertainment Group, BlueCity Holdings, and Yalla Group.
Currently, the analyst consensus on Pinduoduo is a Strong Buy with an average price target of $160.22, implying a 7.7% upside from current levels. In a report issued on December 4, China Galaxy International also initiated coverage with a Buy rating on the stock with a $180.00 price target.
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Based on Pinduoduo’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $14.21 billion and GAAP net loss of $785 million. In comparison, last year the company earned revenue of $7.51 billion and had a GAAP net loss of $2.34 billion.
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Pinduoduo, Inc. operates as a holding company, which engages in the development and management of an e-commerce platform. Its Pinduoduo mobile application offers a selection of merchandise for buyer acquisition and engagement. The company was founded by Hua Lin Cai and Zheng Huang on April 20, 2015 and is headquartered in Shanghai, China.