Morgan Stanley analyst Eddy Wang lowered the price target on Pinduoduo Inc. (NASDAQ: PDD) to $129.00 (from $148.00) while maintaining a Overweight rating.

The analyst comments "Cut PT to US$129, stay OW: We cut our EPS estimates by 14% for 2026, 13% for 2027, and 14% for 2028, and our outer-year forecasts by 13-15%, reflecting the 1Q26 earnings miss. We cut our PT from US$148 to US$129, implying 13.5x 2026e nonGAAP P/E, which we view as justified against the 6% earnings growth that we project for 2026-29."