Why Pinduoduo Stock Popped Today
Shares of Pinduoduo (NASDAQ: PDD) popped as much as 14% today after getting a bullish initiation from Wall Street. Bernstein commenced coverage of Pinduoduo with an outperform rating and assigned a price target of $210, which represents 22% upside from Friday's closing price. As of 11:10 a.m. EST, the stock had pulled back and was up 6%.
Analyst Robin Zhu is optimistic that the Chinese e-commerce technology company can continue to beat out its brick-and-mortar rivals that primarily operate offline, thanks to its deep pockets and the copious amount of user data that it has collected.
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Source Fool.com
