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<Research>BOCI Downgrades PDD (PDD.US) to Hold, Expects 2Q Profit Margin to Remain Under Pressure
PDD Holdings (PDD.US)'s 1Q25 results missed expectations, with non-GAAP net income falling 45% YoY, below the estimations of BOCI/ the market, due to intensified market competi...
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<Research>BOCI Downgrades PDD (PDD.US) to Hold, Expects 2Q Profit Margin to Remain Under Pressure
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PDD Holdings (PDD.US)      's 1Q25 results missed expectations, with non-GAAP net income falling 45% YoY, below the estimations of BOCI/ the market, due to intensified market competition and a short-term decline in profit margins on PDD Holdings' extensive assistance measures for its merchants, according to BOCI's research report.

Ahead of the 618 shopping festival, the broker expected PDD Holdings' 2Q25 profit margin to continue to be under pressure, and downgraded PDD Holdings to Hold. BOCI axed its target price to US$98 from US$150, meanwhile reducing its 2025-2027 earnings forecasts.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related NewsJPM Trims PDD (PDD.US) TP to US$105, Keeps Rating at Neutral

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