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<Research>Macquarie Trims Pinduoduo (PDD.US) TP to USD162, Rating Outperform
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Pinduoduo (PDD.US)'s 3Q25 results were in line with expectations, though domestic core advertising revenue growth slowed due to the merchant support policies, while revenue growth from its cross-border e-commerce platform, Temu, accelerated, Macquarie said in its research report. As Pinduoduo's peers speed up investments in quick commerce, it is expected that domestic sales and marketing expenses will recover, though they will be partially offset by the base effect brought by trade-in subsidies. Macquarie cut its target price for Pinduoduo by 2% from USD165 to USD162, with a rating of Outperform. AAStocks Financial News |
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