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<Research>Macquarie Axes PDD's TP to USD126 w/ Lower 2025-26 Earnings Forecasts
According to Macquarie's research report, PDD (PDD.US)'s 1Q25 results were dull, with revenue/ adjusted net profit margin falling by 14%/ 2.3 ppts and 8% / 9 ppts below the...
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<Research>Macquarie Axes PDD's TP to USD126 w/ Lower 2025-26 Earnings Forecasts
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According to Macquarie's research report, PDD (PDD.US)      's 1Q25 results were dull, with revenue/ adjusted net profit margin falling by 14%/ 2.3 ppts and 8% / 9 ppts below the broker's/ the market's expectations, which the broker attributed to Temu's underperformance.

In Macquarie's estimates, slower revenue growth compared to GMV and challenges in monetization may reduce PDD's short-term attractiveness. Believing that the current valuation level has already reflected most of the downside risks, however, the broker chose to keep an Outperform rating unchanged for the company.

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As PDD's commitment to investing in its platform ecosystem is expected to negatively impact its earnings outlook, Macquarie reduced its 2025-26 earnings forecasts for the company by 17%/ 6%, as well as its target price from USD153 to USD126.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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