Glonghui, May 24 | Pinduoduo (PDD.US) once rose more than 7% to $164.69 during the intraday period, and its stock price hit a new high since March 2021. According to financial reports recently released by Pinduoduo, Q1 revenue for 2024 was 86.81 billion yuan, up 131% year on year, far exceeding market expectations of 75.6 billion yuan, mainly driven by increased revenue from online marketing services and transaction services; adjusted net profit of 30.60 billion yuan, up 202% year on year, far exceeding market expectations of 15.53 billion yuan; adjusted revenue per ADS was 20.72 yuan, far exceeding market expectations of 10.54 yuan. After the results were announced, several investment banks raised Pinduoduo's target prices. Among them: - Goldman Sachs upgraded Pinduoduo's rating from neutral to buying; - Citibank maintained a buying rating for Pinduoduo; - UBS raised Pinduoduo's target price from $248 to $272 to maintain a “buy” rating; - DBS maintained a buying rating for Pinduoduo and raised the target price from $241 to $264; -- Dama claims that Pinduo's performance in the first quarter was strong, and it is believed that Pinduo is currently undervalued and that Pinduo is currently undervalued The target price was raised from $181 to $220, and the rating was “increased”; - Xiaomo upgraded Duoduo's target price reached $220, reaffirming the “overholding” assessment; - China Merchants Securities raised Pinduoduo's target price to $211, maintaining the “gain” rating; - Bank of America Securities maintained its buying rating against Pinduoduo, raising the target price from $191 to $206; - Lyon claimed that Pinduoduo's first-quarter performance far exceeded expectations and raised its target price from $180 to $190, maintaining the “buy” rating.