Benchmark Lifts PDD Holdings Inc. ADR (PDD) Price Target Following 19.9% Revenue Growth

PDD Holdings Inc. (NASDAQ:PDD) is one of the cheap blue-chip stocks to invest in now. On August 26, analysts at Benchmark lifted the stock’s price target to $160 from $128 while reiterating a ‘Buy’ rating. The positive stance is reflected in the stock’s strong momentum, with a 32% year-to-date return.

Additionally, the research firm remains buoyed by the company’s solid second-quarter results, whereby revenue increased 19.92% despite slowing domestic performance and muted international operations. PDD Holdings’ profitability has also exceeded expectations, with net income reaching $13.67 billion over the last 12 months

According to Benchmark, PDD Holdings has demonstrated a disciplined balance between growth initiatives and spending controls, more so than initially anticipated. Additionally, PDD’s differentiated group buying business model has strengthened its market position in its holdings following the exit of key competitors.

PDD Holdings Inc. (NASDAQ:PDD) is a multinational commerce group that owns and operates e-commerce platforms, primarily Pinduoduo and Temu, focused on bringing more businesses and people into the digital economy.

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Disclosure: None. This article is originally published at Insider Monkey.