UPDATE: Macquarie Downgrades Pinduoduo Inc. (PDD) to Neutral
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Macquarie analyst Han Joon Kim downgraded Pinduoduo Inc. (NASDAQ: PDD) from Outperform to Neutral with a price target of $157.00 (from $171.00).
The analyst comments "For us, the 4Q print raised more questions than it answered regarding various issues such as 1) the founder stepping down from the board and relinquishing supervoting rights; and 2) considerations of what the right business model and investment needs would be to continue scaling into agricultural goods. Had we more upside to our target price, we could have maintained an OP rating but we felt it was prudent to downgrade to Neutral so that we can assess the situation and investigate further."
Shares of Pinduoduo Inc. closed at $149.46 yesterday.
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