China Renaissance Starts Pinduoduo Inc. (PDD) at Buy
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China Renaissance analyst Nicky Ge initiates coverage on Pinduoduo Inc. (NASDAQ: PDD) with a Buy rating and a price target of $32.00.
The analyst comments "Built on a disruptive mobile shopping model, Pinduoduo Inc. (PDD) has risen among China's ecommerce giants to become the third-largest online retail platform by 2Q18, as measured by GMV. It has grown by stimulating the vast amount of organic traffic from social networks such as WeChat and QQ, and connecting these users to a fun, browsing-based shopping experience. Despite the young platform facing multiple short term challenges (e.g. cleaning up its marketplace and implementing its algorithms), we believe PDD's future is full of possibility given its unique value proposition for both overlooked users, and unbranded and branded merchants. We expect PDD to increase its GMV at a 2017-20E CAGR of 110%."
Shares of Pinduoduo Inc. closed at $25.75 yesterday.
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