Nomura Elevates PDD to Buy, Citing Low Valuation and Overseas Momentum
Nomura upgraded PDD Holdings (NASDAQ:PDD) to Buy from Neutral, keeping its $136.0 target and pointing to an attractive valuation and steady recovery in overseas operations led by the Temu marketplace. The firm highlighted PDD’s 2026 forward P/E of 8.6 and noted a divergence between a slowing Chinese e-commerce segment and improving international tr…