BNP Paribas Initiates PDD Holdings at Underperform, Citing Profound Domestic and Global Challenges

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BNP Paribas initiated coverage of PDD Holdings with an Underperform rating and an $89 price target, saying the company faces truly profound challenges both domestically and internationally. The firm stated that PDD is caged by the global regulatory environment and itself, and noted the company chose not to adopt a more aggressive shareholder return policy that could have improved investor sentiment. A day earlier, BofA lowered its price target on PDD to $113 from $140 while reiterating a Neutral rating, reducing 2026 and 2027 revenue forecasts by 6% and net profit estimates by 21% to 22% due to higher ecosystem investments including merchant traffic support, commission rebates, and platform-funded coupons recorded as contra revenue.

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