Morgan Stanley Cuts PDD Rating and Lowers Price Target to $90

Morgan Stanley lowered its rating on PDD Holdings (PDD) to Equal Weight and cut its price target to $90 from $129, resetting its view of the Nasdaq-listed shares. The bank moved the rating from Overweight. In explaining the change, Morgan Stanley pointed to cooler growth prospects for Chinese e-commerce, competition and doubts that PDD’s accumulated cash would produce returns for shareholders. Separately, a Binance Futures instrument tracking tokenized exposure to PDD was down 2.2%. Its reported 24-hour range was $80.81 to $83.63, with the low near an immediate support level of $80.34. Another support level was $79.16. The technical levels listed for the instrument included resistance at $83.16 and stronger resistance at $84.80. Those levels apply to the Binance-linked instrument, while Morgan Stanley’s rating applies to PDD’s Nasdaq-listed shares.

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