PDD Holdings Market Sentiment

Bulls vs Bears

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Date	Firm	Analyst & Accuracy	Upside / Downside	PT Change	Action	Rating
Sep 10, 2026	JP Morgan	Ellie Jiang—	+20.2%	$110 → $95	Maintained	Neutral
Aug 25, 2026	Benchmark	Fawne Jiang—	+44.2%	$127 → $114	Maintained	Buy
Jun 24, 2026	Daiwa Capital	John Choi—	—	—	Downgrade	Buy→Hold
Jun 23, 2026	Daiwa Capital	John Choi—	—	—	Downgrade	Buy→Hold
Jun 16, 2026	BNP Paribas	Colin Liu—	+12.6%	$89	Initiate	Underperform
May 28, 2026	Barclays	Jiong Shao—	+12.6%	$165 → $89	Downgrade	Overweight→Equal-Weight
May 28, 2026	Macquarie	Ellie Jiang—	+10.0%	$151 → $87	Downgrade	Outperform→Neutral
May 28, 2026	Bernstein	Robin Zhu—	+39.1%	$132 → $110	Maintained	Market Perform
May 28, 2026	Benchmark	Fawne Jiang—	+60.6%	$160 → $127	Maintained	Buy
May 27, 2026	Citigroup	Alicia Yap—	+55.6%	$142 → $123	Maintained	Buy
Jan 6, 2026	Freedom Broker	Roman Lukianchikov—	+115.0%	$140 → $170	Maintained	Buy
Jan 6, 2026	Freedom Capital Markets	Roman Lukianchikov—	+115.0%	$140 → $170	Maintained	Buy
Nov 19, 2025	B of A Securities	Joyce Ju—	+77.1%	$141 → $140	Maintained	Neutral
Aug 26, 2025	New Street Research	Jin Yoon—	+51.8%	$120 → $120	Downgrade	Buy→Neutral
Aug 26, 2025	B of A Securities	Joyce Ju—	+78.3%	$120 → $141	Maintained	Neutral
Aug 26, 2025	Benchmark	Fawne Jiang—	+102.4%	$128 → $160	Maintained	Buy
Aug 26, 2025	Barclays	Jiong Shao—	+108.7%	$158 → $165	Maintained	Overweight
Jul 12, 2025	Freedom Broker	Roman Lukianchikov—	+77.1%	$180 → $140	Maintained	Buy
May 28, 2025	JP Morgan	Ellie Jiang—	+32.8%	$125 → $105	Maintained	Neutral
May 28, 2025	Benchmark	Fawne Jiang—	+61.9%	$160 → $128	Maintained	Buy
May 28, 2025	China Renaissance	Charlie Chan—	+35.3%	$107	Downgrade	Buy→Hold
May 27, 2025	Jefferies	Thomas Chong—	+53.0%	$156 → $121	Maintained	Buy
May 12, 2025	Citigroup	Alicia Yap—	+108.7%	$127 → $165	Upgrade	Neutral→Buy
Apr 28, 2025	Citigroup	Alicia Yap—	+60.6%	$150 → $127	Maintained	Neutral
Mar 21, 2025	JP Morgan	Ellie Jiang—	+58.1%	$105 → $125	Maintained	Neutral

Date

Firm

Analyst & Accuracy

Upside / Downside

PT Change

Action

Rating

Sep 10, 2026

JP Morgan

Ellie Jiang—

+20.2%

$110 → $95

Maintained

Neutral

Aug 25, 2026

Benchmark

Fawne Jiang—

+44.2%

$127 → $114

Maintained

Buy

PDD Holdings Inc

PDD Holdings Market Sentiment

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