Citi Affirms Buy Rating on Pinduoduo with $185 Target

Citi Affirms Confidence in Pinduoduo Inc. Despite Market Challenges

On Thursday, Citi upheld its Buy rating on Pinduoduo Inc., pegging the price target steadfastly at $185.00. This verdict trails Pinduoduo's striking financial milestones in the fourth quarter of 2023, marking a standout revenue leap of 123% year-over-year and a non-GAAP net profit surge of 110%. This placed the figures at an impressive Rmb88.9 billion and Rmb25.5 billion respectively. Despite these powerful quarterly outcomes, Pinduoduo's stock has seen a roughly 11% decline since the previous Monday, with a downturn of over 22% from its peak price on January 11, 2024.