GLONGHUI, May 27 | Goldman Sachs released a report stating that after a sharp increase in Pinduoduo's performance, it raised recent online marketing revenue growth and the Group's profit forecast for the 2024-2026 fiscal year by 25 to 43% to reflect the continued growth in advertising revenue in the first quarter. Goldman Sachs indicated that due to Pinduoduo's domestic business cost structure being more streamlined than expected, the Group's net profit forecast for the 2024 and 2025 fiscal years was raised to 138 billion yuan and 177 billion yuan. Pinduoduo's valuation is currently 11 times and 9 times the price-earnings ratio for 2024 and 2025. The bank raised its rating from “neutral” to “buy,” and the target price was raised from $145 to $184.
大行评级｜高盛：上调拼多多目标价至184美元 上调2024至26财年盈测
Bank Rating | Goldman Sachs: Raising Pinduoduo's Target Price to $184 and Raising Profit Forecast for FY2024-26
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