Another Wall Street major firm is optimistic about China's core track! Jefferies raised PDD's target price, and the stock price soared.

In the Chinese core track stocks, they are taking turns to "turn over", with PDD shining tonight, and its stock price soaring by about 5%.

On March 12th, PDD reversed its sluggish start in 2024, with the overnight stock price rising by more than 4.8% to $115.65. Last Friday, the stock had fallen to $108.87, hitting the lowest level since mid-November 2023.

In terms of market news, several Wall Street investment banks have successively released research reports optimistic about A-share core tracks. For example, on the evening of March 10th, Morgan Stanley raised CATL's target price by 14% to 210 RMB, driving CATL up by nearly 14%. Furthermore, another large Wall Street investment bank is bullish on PDD, driving PDD's stock price up by about 5%.

Previously, Jefferies analyst Thomas Chong upgraded PDD's rating from "hold" to "buy" and raised the target price from $117 to $157. Chong stated:

"We believe that the PDD stock price has already factored in investors' concerns about risk factors, and the potential for Temu to increase market share in the domestic and international markets still exists. PDD's total merchandise value (GMV) in the domestic market is expected to achieve strong growth this year."

However, another investment bank, Goldman Sachs, took the opposite action on PDD, downgrading its stock rating from "buy" to "neutral" and lowering the target price from $196 to $136. Goldman Sachs' downgrade reasons mainly include the variability of the cross-border business policy environment, domestic competitors of PDD increasing investment to promote business growth in 2024, intensifying competition in the entire e-commerce industry, which may lead to a slowdown in the expansion rate of PDD's domestic business commission rate.