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<Research>Citi: PDD (PDD.US) Upgraded to Buy, TP Lifted to US$165 on Tariff Cuts by CN/ US
The bigger-than-expected and sooner-than-expected reduction in US-China tariffs favored Chinese cross-border sellers and had a positive impact on sales in the US for Temu, the inte...
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<Research>Citi: PDD (PDD.US) Upgraded to Buy, TP Lifted to US$165 on Tariff Cuts by CN/ US
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The bigger-than-expected and sooner-than-expected reduction in US-China tariffs favored Chinese cross-border sellers and had a positive impact on sales in the US for Temu, the international e-commerce platform of PDD Holdings (PDD.US)      , according to a research report issued by Citi Research.

There may be a temporary mismatch between cost and selling price, which may lead to higher-than-expected profit for Temu in 2Q25, as many sellers have been preparing inventory in the US for 3-5 months in advance, Citi Research added.

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Therefore, the broker upgraded PDD Holdings from Neutral to Buy, and lifted its target price to US$165 as the tariff burden has largely declined.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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