Temu Owner PDD Rises Following Upgrade From Jefferies Citing Gains in Market Share
American depositary receipts of Temu and Pinduoduo parent PDD Holdings rose Monday after analysts at Jefferies upgraded their rating of PDD to "buy" from "hold," citing gains in market share.Jefferies analysts also raised their price target on PDD to $157, up from $117 and well above its closing price Monday of $111.89.Temu has continued to gain market share since launching in the U.S., and made a push for more business in the country last month with Super Bowl commercials.