PDD Holdings

PDD · NASDAQ

$79.04−$0.13 (−0.16%)TodayMarket closed · Oct 23, 7:56 PM ET

Prev close $79.17

PDD analyst rating

HoldConsensus of 9 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy3
Hold5
Underperform1
Sell0

12-month price target · 35 analysts

Average $115.93 (+46.7% upside)

Low: $17.73
Now: $79.04
High: $157.50

Upgrades and downgrades

The latest rating actions, newest first

PDD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Sep 10, 2026	Maintains	Neutral	$110.00 → $95.00	38%
Benchmark	Aug 25, 2026	Maintains	Buy	$127.00 → $114.00	48%
Daiwa Capital	Jun 24, 2026	Downgrade	Buy → Hold	—	50%
Daiwa Capital	Jun 23, 2026	Downgrade	Buy → Hold	—	50%
BNP Paribas	Jun 16, 2026	Initiates	Underperform	$89.00	100%
Barclays	May 28, 2026	Downgrade	Overweight → Equal-Weight	$165.00 → $89.00	43%
Macquarie	May 28, 2026	Downgrade	Outperform → Neutral	$151.00 → $87.00	38%
Bernstein	May 28, 2026	Maintains	Market Perform	$132.00 → $110.00	29%
Benchmark	May 28, 2026	Maintains	Buy	$160.00 → $127.00	48%
Citigroup	May 27, 2026	Maintains	Buy	$142.00 → $123.00	43%

The case for and against

Updated Feb 9, 2026

Bull case

PDD Holdings reported revenues of RMB 104 billion for the latest period, reflecting a 7% year-over-year increase that exceeded consensus expectations. The company's differentiated group-buy business has gained traction in light of competitor exits, thereby strengthening its market foothold. Additionally, the non-GAAP earnings per ADS reached RMB 22.07 ($3.08), surpassing consensus estimates by a notable margin of $0.92.

Bear case

PDD Holdings faces a challenging financial outlook primarily due to limited near-term earnings visibility, which is anticipated to result in ongoing volatility in its stock price. The management's emphasis on long-term ecosystem health and merchant support is likely to lead to persistent margin fluctuations, adding to the uncertainty regarding return on investments. Additionally, the company's focus on sustained investment in its ecosystem amidst profitability volatility suggests that any short-term financial stability is unlikely, further complicating its outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.